A storage facility operating under the SecureSpace Self Storage brand has opened in Philadelphia. According to Yardi Matrix data, InSite developed the 120,260-square-foot property. Earlier this year, the company took a $24.9 million construction loan from Valley National Bank to finance the project.
The developer broke ground in June 2022 on the recently completed five-story building. The facility offers climate-controlled units, ranging from 25 to 250 square feet. The property features a leasing office equipped with Wi-Fi, an open concept workspace and SecureSpace’s high-security platform that offers AI-enabled camera and sensors for the security of the facility. Other amenities include elevator access, as well as packing and moving supplies.
The property, which marks SecureSpace’s first operating location in Philadelphia proper, took shape on approximately 2 acres at 2501 N. 15th St., near State Route 611 and 3.2 miles from the city’s downtown. The facility is one of the 22 available on a 3-mile radius, offering residents 3.5 rentable square feet of storage space per capita.
As of October, urban and suburban Philadelphia had 19 self storage properties under construction and 90 in the planned and prospective stages, set to add roughly 7.4 million square feet to the existing inventory, Yardi Matrix data shows. In March, SAFStor completed a 78,000-rentable-square-foot self storage building which operates under the Life Storage brand and is 15.4 miles from downtown Philadelphia.
Earlier this year in spring, SecureSpace opened another self storage property near Philadelphia, in Langhorne, Pa. Poverni Sheikh Group developed the 124,830-square-foot building. In May, SecureSpace also opened a 155,538-square-foot facility in Elmsford, N.Y., developed by The Ardent Cos.
