Self-Storage Convert Sells for $2M

WAYNE, PA-Storage Facilities has purchased the long-vacant 46,000-sf retail center at 604 Lincoln Hwy. for $2.1 million from Benenson Capital. Storage Facilities plans to convert the building to self-storage and construct an additional storage building on the six-acre site.

Patrick McCabe of CB Richard Ellis represented Benenson Capital, a privately held real estate investor, developer and asset manager. The price represents $45.65 per sf.

As a pure land transaction, the price represented $350,000 per acre, and just over $8 per sf. The building formerly held a grocery store and an Eckerd drug store. It is close to Route 1, Route 276 and I-95.