PRESS RELEASE: York, PA – October 3, 2019
Locally owned and operated Investment Real Estate, LLC (IRE) announces the sale of The Storage House portfolio for an undisclosed amount to a private investment group. The Storage House is located on Progress Road and South 4th Street in Chambersburg, PA in Franklin County.
Kevin Bledsoe, VP of Brokerage for Investment Real Estate, says, “We had an opportunity to represent both the buyer and seller on this sale. The seller owned and operated the portfolio for 35 years since their inception in 1984. The sale of The Storage House properties represented a lifetime of work for them in the self storage industry.” He continues, “The buyers completed a previous transaction with our firm, and they continue to grow their self storage footprint in central Pennsylvania. We are happy to continue playing a part in the growth of their portfolio.”
The facility opened in 1984, and the two properties are located less than one mile from each other. The portfolio features over 190 traditional drive up access storage units totaling more than 53,000 NRSF. The Storage House located on Progress Road is comprised of just over two acres of medium manufacturing zoned land, including four storage buildings, perimeter fencing and a manual gate, as well as a trailer on site. The location on South 4th Street is comprised of more than one and a half acres of land including six storage buildings. Both locations are operated remotely from an office a few miles away. The portfolio was over 90% occupied at the time of sale, with a strong history of occupancy in the high 90s year-round.
The buyer, Cameron, commented, “IRE is an awesome team to work with. We have purchased several storage facilities from them, and each and every transaction has been smooth from start to finish. They offer exceptional service and reporting. We highly recommend working with them!”
For more information, contact Jess Dubbs, Director of Marketing.