The Cushman & Wakefield Self Storage Advisory Group has been retained to offer for sale Extra Space Storage (managed) in Philadelphia, PA.

This exclusive opportunity allows investors to acquire a Class-A, institutional-quality self-storage asset in a high-growth, urban infill location. The offering consists of two mid-rise buildings totaling 196,689 rentable square feet (RSF) of climate-controlled self-storage, professionally managed by Extra Space. 40 Spring Garden Street (or Unit C), delivered in 2021, comprises 109,049 RSF across nine stories on approximately 0.45 acres and is currently 88.7% occupied. Unit A, located at 510 N Christopher Columbus Boulevard, is scheduled for delivery in July 2025 and will add 87,640 RSF of storage and 6,907 SF of ground floor retail across eight stories on a 0.43-acre condo unit. Both buildings are of brick construction and represent the adaptive reuse of the historic Philadelphia Warehousing and Cold Storage facility—repositioned as a modern self storage facility with adjacent condo units planned for residential development in the coming years.

The property is strategically located at the intersection of Spring Garden Street and North Columbus Boulevard, a gateway location to Center City and also near the center of Northern Liberties, one of Philadelphia’s most popular urban submarkets. Once a legacy industrial corridor, the area has evolved into a high-density, walkable residential and lifestyle destination, supported by over 3,000 new residential units delivered or planned within a half-mile radius. The assets are surrounded by major developments including The Piazza Alta, Dwell, and the Rivermark waterfront project. Directly behind Unit A, Unit B is entitled for redevelopment into a 111-unit multifamily building, while Units E and F are in various stages of planning for future residential use. This clustering of high-end development activity is reshaping the neighborhood’s demographic profile and creating sustained demand for secure and accessible self storage. Both sites benefit from exceptional visibility, direct access to I-95 and I-676, and walkability to the Spring Garden SEPTA Station, offering easy connectivity to Center City and the broader Philadelphia metro.

This offering presents a compelling core-plus investment profile, with one physically stabilized asset and another nearing certificate of occupancy. Unit C is generating strong cash flow with actual rents averaging $1.32 per occupied SF—well below market rents in the $1.90 to $2.00 range—providing a clear path to revenue growth through ECRIs. The delivery of Unit A and its retail component will further enhance income potential and street-level activation. This is a rare opportunity to acquire a large-scale, well-positioned transitional asset in a core location.