In 2013, GCRE began investing in and developing self-storage
properties in select in-fill markets in suburban Philadelphia. We have since
acquired or developed more than 1 million sf of self-storage in PA, NJ and MD,
some under the name Vault Storage. GCRE has executed
numerous value-add projects by pursuing off-market opportunities, recognizing
means to create value, and improving operations to maximize revenue.
In late 2023 GCRE launched a sister company to Vault Storage called CarVault. As classic car enthusiast and modest car collectors, the partners set out to create a modern car storage facility and social club. Capitalizing on a recent acquisition of a 72,000 sf sports facility located in Berwyn, PA, the space lends itself well to its new use creating a Concours d'Elegance environment and 'cars and coffee' experience on the astroturf.
Since 2019, GCRE has sold 3 storage facilities, each with an IRR between 44%-48% and an equity multiple between 5x-9x. We continue to selectively and strategically acquire opportunities with significant value creation or value-add potential and mitigated risk.
Chesmont Storage, Pottstown PA
Ø Acquired existing storage facility in 2015 for $4,800,000
Ø Created value by replacing management company, implementing
insurance program, and increasing rental rates and occupancy
Ø Additional value created by acquiring adjacent land parcel and
undergoing expansion yielding 72 additional units and parking spaces
Ø Sold for $9,579,000 to City Line Capital (aka Storage Sense) in
March 2019 representing an IRR of 46% in under 4 years.
Chester Heights Storage, Glen Mills, PA
Ø Acquired partially completed storage facility in 2013 for
$3,500,000
Ø Created value by replacing management company, implementing
insurance program, and increasing rental rates and occupancy
Ø Additional value created by expanding facility in 2016 at a cost
of $1,100,000 yielding a total of 79,705 sf and 717 units
Ø Sold for $12,800,000 to Dahn Corp. in March 2020 representing an
IRR of 44% over 7 years.
Vault
Storage, North Wales, PA
Ø Acquired vacant 94,000 sf one-story office building in April
2017 for $3,700,000 and obtained zoning approval to convert to climate
controlled self storage
Ø Constructed 707 units in 2018 and 82 units of traditional drive
up self storage and 26 additional parking spaces, delivered December 2021.
Total of 815 units at a total cost of $8,200,000
Ø Pro Forma NOI of $1,200,000 upon stabilization in late 2022.
Ø Sold for $24,300,000 to InSite (aka Secure Space) in June 2022
representing an IRR of 48% and an equity multiple of exactly 9x
Moose
Crossing Storage, Blakeslee, PA
Ø Acquired 39,000 sf 332 unit self storage facility (constructed
in 2013) for $3,950,000
Ø Acquired adjacent 2-acre parcel in 2020 and constructed 155
units, delivered December 2021. Total of 57,550 sf and 487 units
Ø Total costs of $5,650,000
Ø NOI of $500,000 upon stabilization with an as-completed
appraised value of $9,750,000 on December 17, 2021
Eastern Shore Maryland Self Storage Portfolio
Ø Acquired 5 property portfolio for $11,250,000 in August 2020
with 4 existing facilities and one land parcel with a total of 1151 units.
Rebranded from East Coast Self Storage to Vault Storage and made numerous
improvements to each facility throughout 2021
Ø Created value by replacing management company, implementing
insurance program, and increasing rental rates and occupancy
Ø Increased NOI by 18% in the first calendar year of operations
Ø Obtained approvals to expand Perryville facility by constructing
50,000 sf of climate controlled, traditional drive up, and covered boat and RV
storage which will add 251 units and increase NOI by $460,000 upon
stabilization (90% occupancy)
Ø As-completed BOV of $25,000,000 (6% cap rate on as-stabilized
NOI of $1,500,000)