North Palisade Partners, a real estate development and investment firm focused on logistics, industrial outdoor storage, and self-storage, acquired a two-property self-storage portfolio totaling roughly 199,288 rentable square feet in the Northern Liberties neighborhood of Philadelphia.
The portfolio consists of 40 Spring Garden Street and 510 N. Christopher Columbus Boulevard, two institutional-quality, newly converted, climate-controlled facilities comprising 2,298 storage units and 6,907 square feet of complementary retail space.
The acquisition represents North Palisade’s first East Coast asset and expands the company’s national self-storage footprint to more than 520,000 rentable square feet and roughly 6,700 units. North Palisade is targeting the aggregation of $400 million of self-storage assets nationally.
North Palisade will engage Extra Space Storage to manage both properties, and the firm intends to execute a focused lease-up and revenue optimization strategy. “Urban self-storage continues to benefit from powerful demographics and an undersupply of self-storage facilities,” said Joe Mishurda, Managing Partner of North Palisade Partners.
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