Region's largest self-storage firm makes $5.2M acquisition
An acquisition has added to the portfolio of Manchester Township-based Investment Real Estate LLC, which does business as Moove In Self Storage, the largest owner of self-storage units based in Central Pennsylvania.
The York County company bought Spare Room Self Storage from Southwest Real Estate LLC and Lampeter Properties LLC. The deal includes two facilities with more than 350 storage units in Lancaster and Manor Township.
The two properties were purchased for about $5.2 million, according to Lancaster County deed records.
"Both were managed well and in excellent physical condition with high occupancies, making the transition to Moove In a smooth one," said Jason Carl, director of operations for Investment Real Estate Management. "We're also thrilled to serve the southeastern part of Lancaster County, where we previously had no stores."
The additional 43,000 square feet of storage from the acquisition boosts the company's portfolio to a total of 19 locations in Huntingdon, Lancaster and York counties, Baltimore County, Md., and Sussex County, N.J.
The Manor Township storage facility on Columbia Avenue was built in 2003 and consists of one two-story building with temperature-controlled storage units. The Lancaster property on Longfellow Drive was built in 2006 and has seven single-story buildings with mostly drive-up access storage units and more than 25 temperature-controlled units.