Vertical Fields Capital Llc Purchases 500 Mildred Avenue In Densely-populated Philadelphia Suburb

Plans underway to convert former local newspaper home in Primos into self storage facility, add two buildings for direct access storage

WASHINGTON, D.C. – Vertical Fields Capital LLC, through an affiliate, acquired a Philadelphia-area address to convert the vacant property into a self storage facility. 500 Mildred Avenue is especially attractive because of its location in Primos, a densely-populated, first-ring Philadelphia suburb currently with few quality self stor-age options.

The property, the former home of a local newspaper, will operate under the CubeSmart brand.

“This acquisition allows us to reposition and improve an underutilized building and add self storage capacity to meet the increasing demand in Primos,” said Frederick McCarthy, Founder and President of Vertical Fields Capital. “We are excited about the strong local support from Upper Darby Township.”

Initial plans include converting the approximately 94,800 gross square feet into 602 units of internal, climate-controlled self storage. Additionally, plans anticipate con-structing two smaller buildings featuring direct-access self storage.

In total, the project will boast just over 82,500 net rentable square feet and 717 units.

The project will be partially funded with bank financing from WSFS Bank.

About Vertical Fields Capital LLC

Vertical Fields Capital LLC, a Washington, D.C.-based real estate development and in-vestment firm, is focused on acquiring, repositioning and operating self-storage facilities in dense and growing in-fill locations in the top MSAs of the United States.

About CubeSmart

CubeSmart is a self-administered and self-managed real estate investment trust. CubeSmart owns or manages 678 self-storage facilities across the United States. According to the 2016 Self Stor-age Almanac, CubeSmart is one of the top four owners and operators of self-storage facilities in the U.S.

The company’s mission is to simplify the organizational and logistical challenges created by the many life events and business needs of its customers — through innovative solutions, unparal-leled service and genuine care. The company’s self-storage facilities are designed to offer afford-able, easily accessible, secure, and, in most locations, climate-controlled storage space for resi-dential and commercial customers.