Two Mini Storage Sales Make Budget Store & Lock Dominant Self-Storage Company In Lehigh Valley, PA
The recent sales of two mini storage sites in Bethlehem, PA and Allentown, PA make Budget Store & Lock the dominant self-storage company in the Lehigh Valley, PA market.
June 10, 2010 - PRLog -- BETHLEHEM, PA – Budget Store & Lock has become the dominant self-storage provider in the Lehigh Valley market with their recent acquisition of two self-storage facility sites. Costas J. Hrousis, CCIM and Shawn M. Donahue, MBA of Veraxia Commercial Real Estate Solutions (formerly of Sperry Van Ness/Location 333 in Media, PA) partnered with two independently owned Sperry Van Ness franchise offices to broker the sales of Metro Self-Storage Allentown for $2,825,000 and Metro Self-Storage Bethlehem for $4,000,000 to Budget Store & Lock of Whitehall, PA. The Allentown, PA property is a 643-unit facility located at 299 Schantz Road, Allentown, PA, while the Bethlehem, PA property is a 696-unit facility located at 2178 Industrial Drive, Bethlehem, PA. The properties were owned by APF WO 12, LP and APF WO 11, LP, respectively.
Budget Store & Lock Self Storage has grown from a single 237-unit facility purchased in 1997 to now 13 locations. This acquisition solidified Budget Store & Lock’s position as the premier owner/operator of self-storage properties in the Lehigh Valley, PA market, increasing their total number of units from 2,733 to 4,072. "Even in this challenging environment we are always looking for opportunities to grow our company and improve our brand recognition throughout the Lehigh Valley. We're very excited about these two properties because they will allow us to do both," said Budget Store & Lock partner Joe Mooney. Budget Store & Lock created single purpose entities specifically for the acquisition of these two properties and will operate and self-manage the properties.
The sales were an assumption of existing Commercial Mortgage-Backed Securities or CMBS debt, and feature the approval of a private, local company with a proven track record of success replacing a national player as the responsible party on the debt. "[Hrousis and Donahue] were vital to helping us underwrite the properties and network with the key individuals, which allowed us to navigate the CMBS debt assumption process and see the deal through to its closing,” said Budget Store & Lock partner Mike Moyer.
Hrousis and Donahue of Veraxia Commercial Real Estate Solutions partnered with Nick Malagisi, SIOR of Sperry Van Ness in Buffalo, NY as well as Sperry Van Ness/Imperial Realty in Allentown, PA to represent both the sellers, APF WO 12, LP and APF WO 11, LP, and the buyer, Budget Store & Lock. Since closing the Budget Store & Lock transaction, Donahue and Hrousis founded Veraxia Commercial Real Estate Solutions and opened for business on May 5, 2010.
NOTES FOR EDITORS:
Founded in 2010 and headquartered in Bethlehem, PA, Veraxia Commercial Real Estate Solutions is based upon two core covenants: truth (“ver” being the latin root) and value (“axia” being the greek root). Costas J. Hrousis, CCIM and Shawn M. Donahue, MBA successfully operated together for four years prior to the formation of Veraxia CRES, as advisors and top 100 producers at Sperry Van Ness International, a national commercial real estate brokerage firm.
Mr. Hrousis has 19 years of commercial and industrial real estate experience in both Pennsylvania and New Jersey, and has secured over 60 sale and/or lease transactions with a career transaction volume in excess of $250 million. Additionally, he holds the prestigious Certified Commercial Investment Manager designation from the CCIM Institute, and was awarded the Partner’s Circle award in 2007 while at Sperry Van Ness.
Mr. Donahue holds more than 18 years of diverse business and commercial banking experience. During his tenure with Sperry Van Ness, he was the East Region’s nominee for Rookie of the Year in 2006; was awarded Rookie of the Pack for the region in mid-2007; and ranked 83rd out of 900 advisors in 2009. Donahue earned a Master of Business Administration and a Bachelor of Science in business and economics from Lehigh University. For more information, please visit www.VeraxiaCRES.com.
Nicholas J. Malagisi, SIOR serves as National Director of Self Storage for Sperry Van Ness International, and Managing Director of Sperry Van Ness/Commercial Realty, specializing in the marketing, sale, disposition and acquisition of self storage properties throughout the U.S. Since 1993, Malagisi has participated in the sale of over 91 properties valued at $350 million from as small as a single asset of $325,000 to an 11-property portfolio of $33 million. The SVN National Self Storage Team is an elite group of commercial real estate investment brokers specializing in the marketing, sale, disposition and acquisition of self-storage assets throughout the United States.
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Founded in 2010 and headquartered in Bethlehem, PA, Veraxia Commercial Real Estate Solutions is based upon two core covenants: truth (“ver” being the latin root) and value (“axia” being the latin root). Costas J. Hrousis, CCIM and Shawn M. Donahue, MBA successfully operated together for four years prior to the formation of Veraxia CRES, as advisors and top 100 producers at Sperry Van Ness International, a national commercial real estate brokerage firm.
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