On January 31, 2023, SAFStor, Inc opened its newest self storage facility in the Franklin Mills area of Philadelphia. The facility will be operated as Life Storage.
PHILADELPHIA, March 15, 2023 /PRNewswire-PRWeb/ -- SAFStor, Inc, a leading developer of self-storage properties, opened its newest facility in Philadelphia, PA on January 31, 2023. With the grand opening of the Philadelphia property, SAFStor has expanded its portfolio to 50 facilities in 14 states, with several more currently under construction. The Daytona, FL-based developer has selected Life Storage (NYSE: LSI), a leading owner and operator of over 1,150 self-storage properties in the U.S.A., to operate the storage facility under management agreement.
Located at 4340 Byberry Rd in Philadelphia, the property borders Woodhaven Road near the entrance of Philadelphia Mills outlet mall (formerly Franklin Mills), about one mile west of the I-95. SAFStor designed the facility and surrounding grading to include two "tree protection" areas planted with native species that are intended to protect the surrounding area's biodiversity.
The structure is a three story, Class-A self storage facility featuring about 860 storage units, totaling just under 78,000 net-rentable square feet. It is fully climate-controlled (cooled in the summer, warmed in the winter), and storage units are accessed indoors through hallways and elevators to increase security and improve energy efficiency. The facility is fully monitored with on-site management, a surveillance system, and features an access control system that permits customer access with personalized keypad codes. It was developed with Interplan serving as the project architect, and Swinerton serving as the general contractor.
"The Franklin Mills area of Philadelphia is underserved for self-storage services, and we are very happy to open a facility of this quality to answer the need in this community," said Ryan Rapolas, Vice President of Asset Management at SAFStor, Inc. "We have partnered with Life Storage to operate the facility. They are a best-in-class operator with customer-focused team that I'm confident will deliver a top-notch self-storage experience to the neighborhood". Ryan is a Philadelphia native, and added, "It's pretty exciting to bring a project to fruition not too far from where you live".
Life Storage is growing rapidly in Philadelphia. The Byberry Rd facility is Life Storage's fifth storage facility in Philadelphia, with an additional seven facilities in the surrounding Philadelphia area. Last fall, the company opened two self storage facilities in Philadelphia located at 1331 Ivy Hill Road and 533 E Hunting Park Avenue, and also plans to open a new facility located at 4801 Langdon Street by the end of March.
ABOUT SAFSTOR, INC:
SAFStor, Inc is a vertically-integrated, volume-driven developer/owner of institutional-quality self-storage with a geographically diverse footprint spanning the United States. With over 3.3 million square feet in construction and operation, and an annual development pipeline of 1.2 million square feet, the Company's primary focus is on mitigating market and development risk; accordingly, the Company employs a proven, data-driven approach and partner with best-in-class capital providers, general contractors and management partners. SAFStor's principals bring over 50 years of in-depth real estate experience, having developed over $3.5 billion of mixed-use real estate since 2012, and over $400 million of self-storage since 2017.
ABOUT LIFE STORAGE, INC:
Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. Located in Buffalo, New York, the Company operates more than 1,150 storage facilities in 37 states and the District of Columbia. The Company serves both residential and commercial storage customers with storage units rented by month. Life Storage provides service to more than 675,000 customers, making it a leader in the industry.
Media Contact
Ryan Rapolas, SAFStor, Inc., 1 484-928-0006, [email protected]
SOURCE SAFStor, Inc.
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