North Palisade Partners Acquires Self-Storage Portfolio in Philadelphia’s Northern Liberties

Philadelphia, March 16, 2026 - North Palisade Partners, a real estate development and investment firm focused on logistics, industrial outdoor storage (IOS), and self-storage, acquired a two-property, Class-A self-storage portfolio totaling roughly 199,288 net rentable square feet in the Northern Liberties neighborhood of Philadelphia.

The portfolio consists of 40 Spring Garden Street and 510 N. Christopher Columbus Boulevard, two institutional-quality, newly converted, climate-controlled facilities comprising 2,298 storage units and 6,907 square feet of complementary retail space. The acquisition represents North Palisade's first East Coast asset and expands the company's national self-storage footprint to more than 520,000 rentable square feet and roughly 6,700 units, all located in Class-A, infill markets. North Palisade is targeting the aggregation of $400 million self-storage assets nationally.

The transaction presented a rare combination of in-place income and value-add upside. One property is roughly 90% occupied, generating positive net operating income at acquisition, while the second property has recently received its certificate of occupancy and is currently in lease-up.

"This portfolio offers a compelling blend of stability and growth," said Steve Cobbs, Managing Director of Self-Storage at North Palisade Partners. "With one asset producing strong in-place cash flow and the other positioned for lease-up, we are able to generate positive NOI immediately while executing a clear value-add strategy in one of Philadelphia's most dynamic neighborhoods."

Both facilities are highly visible and strategically located near Interstate 95 and along key corridors including Spring Garden Street and North Columbus Boulevard, providing exposure to more than 170,000 vehicles per day. The properties sit within Northern Liberties, a rapidly densifying urban submarket along the Delaware River waterfront.

The micro-market remains significantly undersupplied. Existing self-storage supply, including the active development pipeline is well below national averages. Demand fundamentals are further supported by robust residential growth. More than 3,000 newly delivered, planned, or under-construction multifamily units are located within a half-mile radius of the portfolio, with nearly 14,800 units citywide in the broader pipeline. The population within a one-mile radius is projected to grow approximately 30% by 2029, driven by continued urban infill development and an influx of young professionals and higher-income renters.

"Urban self-storage continues to benefit from powerful demographics and an under supply of self-storage facilities.," said Joe Mishurda, Managing Partner of North Palisade Partners. "Northern Liberties is one of the fastest-growing neighborhoods in Philadelphia, and we believe the combination of limited supply, strong income demographics, and sustained residential development creates a durable demand profile for well-located, institutional-quality storage assets."

North Palisade will engage Extra Space Storage, a leading national self-storage operator, to manage both properties. The firm intends to execute a focused lease-up and revenue optimization strategy.

The acquisition was completed at a basis below estimated replacement cost, further enhancing the investment's risk-adjusted profile and limiting the likelihood of future competing development. The properties also benefit from Philadelphia's 10-year real estate tax abatement program, which applies to both assets and enhances near-term cash flow during the lease-up phase.