North Palisade Partners Acquires Self Storage Portfolio In Philadelphia For $39.3M From Aspen Equities

The asset involved in the transaction is a self-storage property located at 510 North Christopher Columbus Boulevard and 40 Spring Garden Street in the Philadelphia market. The properties encompass a total area of 199,300 square feet and were sold for $39,300,000, translating to a price per square foot of $197.

Summary of transaction details:

• Property Type: Self Storage
• Transaction Amount: $39,300,000
• Square Footage: 199,300
• Address: 510 North Christopher Columbus Boulevard & 40 Spring Garden Street
• Market: Philadelphia
• Buyer: North Palisade Partners
• Seller: Aspen Equities
• Broker: Cushman & Wakefield

The transaction signifies North Palisade Partners' first acquisition on the East Coast, involving a 2,298-unit portfolio branded as Extra Space Storage. The portfolio consists of redeveloped historic buildings that include retail space, with one property stabilized and the other in lease-up. Cushman & Wakefield represented Aspen Equities in this transaction.