SecureSpace Opens Suburban Philadelphia Self Storage
Truist Bank provided $12.8 million in financing for the project.
A storage facility under the SecureSpace Self Storage brand has opened in Langhorne, Pa. According to Yardi Matrix data, Poverni Sheikh Group developed the 124,830-square-foot property. In 2021, the company took a $12.8 million acquisition and development loan from Truist Bank to finance the project.
The recently completed three-story building sits on 2.9-acres and encompasses climate-controlled units ranging from 25 to 300 square feet. The property features a lobby equipped with Wi-Fi, on-site manager and parking. Amenities include video surveillance, online payment, moving and packing supplies and contactless move-in.
The Class A property is located at 300 Woodbourne Road, next to CarMax and Sam’s Club, 25 miles from downtown Philadelphia and has access to Interstate 295. The facility is one of the seven available within a 3-mile radius, offering residents 5.2 rentable square feet per capita.
As of June, urban and suburban Philadelphia had 19 self storage properties under construction and 81 in the planned and prospective stages, set to add approximately 7.2 million rentable square feet to the existing inventory, Yardi Matrix data shows. Earlier in March, SAFStor opened a 78,000-square-foot property in Philadelphia, managed by Life Storage.
SecureSpace Self Storage operates in 52 locations across the U.S. with assets located primarily in high-density, urban markets. The company recently opened a 155,538-square-foot storage property in suburban New York City. The Ardent Cos. developed the six-story building in Elmsford, N.Y.