SecureSpace Expands Philadelphia Footprint
After a year of construction, the 105,000-square-foot project is a wrap.
A facility operating under the SecureSpace Self Storage brand has opened in Philadelphia. InSite developed SecureSpace Philadelphia Gray Ferry, a 104,992-square-foot property, Yardi Matrix data shows.
The developer broke ground in February 2023 and in June it secured two permanent loans for a 14-property portfolio—including this one. The $268 million and $372 million loans were provided by Delphi Financial Group and KKR, according to the same source.
The Class A facility is a five-story building that offers climate-controlled units, ranging between 10 and 275 square feet. The property has AI-enabled cameras and sensors and offers amenities such as packing supplies, leasing office with Wi-Fi and an open-concept workspace.
The property is at 3115 Grays Ferry Ave., with access to Interstate 76 and less than 3 miles from downtown Philadelphia. The facility is one of the 13 available within a 3-mile radius, offering residents 2 rentable square feet per capita. The property can serve the student market, with UPenn and Drexel University nearby.
As of January, metro Philadelphia had 22 self storage properties under construction, set to add 1.8 million rentable square feet to its existing inventory, Yardi Matrix data shows. An additional 6.7 million square feet were in the planning and prospective stages.
SecureSpace opened its first location in Philadelphia last October. The 120,260-square-foot five-story building is some 3 miles from downtown. The developer broke ground on the property in June 2022. The company also expanded its footprint in Los Angeles last year with the opening of a 130,188-square-foot facility downtown, its second in the metro.
