PA self storage asset sold for $13m
Vertical Fields has sold an 82,116 square foot facility in Clifton Heights, Pennsylvania for $12.5 million. The new owner is a private investor, while CubeSmart will be responsible for property management.
Mike Mele, Robert Bloch and Noah Obuchowski from Cushman & Wakefield worked on behalf of the seller.
The asset is located at 500 Mildred Avenue in a dense residentil area. It is close to several retail establishments and is 14 miles from downtown Philadelphia. In addition, it is within a three mile radius of more than 200,000 residents with an average household income of more than $80,000. The property was completed in 2017 on a 5.4 acre site and comprises 590 climate controlled units and 128 non-climate-controlled units. It features include an on-site management office, gated access and video surveillance.