PHILADELPHIA, PA – April 20, 2015 – HFF announced today that it has closed the $29.25 million sale of a three-property self-storage portfolio totaling 191,000 rentable square feet in suburban Philadelphia.

HFF marketed the portfolio on behalf of the seller, PFG Capital, LP. A partnership between Metro Self Storage and LaSalle Investment Management purchased the assets for $153 per rentable square foot.

The 89-percent occupied portfolio consists of Newtown Storage, StorageWORKs! Warminster and StorageWORKs! North Wales. Newtown Storage features 26,568 square feet throughout two two-story buildings and is located in Newtown, a suburb 30 miles northeast of Philadelphia. Set in a suburban location 28 miles north of Philadelphia, StorageWORKs! Warminster encompasses 89,210 rentable square feet with a mix of climate controlled and non-climate controlled units across its 15 buildings. Located on Sumneytown Pike in North Wales, 28 miles north of Philadelphia, eight single-story buildings comprise StorageWORKs! North Wales’s 75,120 square feet. The facility consists of both climate controlled and non-climate controlled units. Each of the three properties are equipped with multiple security surveillance cameras, have moving trucks for tenant use and offer moving and packing supplies and tenant insurance.

The HFF team representing the seller was led by managing director Richard Schontz, director Barbara Guffey and real estate analyst Matthew Weckesser.

“The aggressive pricing of this portfolio was dictated by the strong fundamentals of the self-storage industry combined with the abundance of institutional equity chasing quality self-storage properties,” Schontz said. “The seller recognized the timing of the market and moved forward with an aggressive marketing campaign. The buyer pool for a portfolio of this size is extremely deep, and, ultimately, Metro Self Storage offered the best price and terms and demonstrated the ability to close. The portfolio adds to their scale in the Philadelphia market and makes economic sense given their capital structure.”

“We are excited about the opportunity to work with Metro Self Storage to acquire the StorageWORKS! Portfolio,” said Jim Garvey, managing director for LaSalle. “We believe there will be significant opportunities, over time, to capitalize on the strengths of these well-positioned properties.”

About PFG Capital, LP
PFG Capital, LP is a partnership of individuals with decades of real estate, insurance, finance, accounting and entrepreneurial experience. Its history of real estate and business investment, development, and syndication dates back over 20 years to the mid-1980s. Learn more at www.pfgcapital.com.

About Metro Self Storage®
Metro Self Storage® (Metro), a leader in the self storage industry, has been in the business of self storage since 1973. They built and operated the first self storage location in the state of Illinois. From this beginning, the Metro brand has grown to be one of the most consistently respected and recognized in the industry, gaining a reputation for value and excellent customer service. Metro’s dedication to quality has led to more than 35 years of success. For more information, visit www.metrostorage.com.

About LaSalle Investment Management
LaSalle Investment Management (LaSalle) is one of the world’s leading real estate investment managers with approximately $55 billion of assets under management (as of Q4 2014) of private and public real estate property and debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. Managing capital for institutions and private investors all over the world, LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle is an independent subsidiary of JLL (NYSE: JLL), one of the world’s largest real estate companies. For more information, please visit www.lasalle.com.

About HFF
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.