Bala Cynwyd real estate investment firm expands with second office
Peter Veltri is COO at City Line Capital.
A Philadelphia-area real estate investment firm focused on self-storage properties has opened a Pittsburgh office, expanding its footprint to both sides of the commonwealth.
City Line Capital’s new office is about 20 miles south of Pittsburgh in the Southpointe business park in Canonsburg. It marks the second location for the company.
City Line, established in 2017 in Bala Cynwyd, acquires self-storage properties to create long-term value for its investors. At present, its portfolio includes 253 assets in 29 states, encompassing more than 15 million net rentable square feet. City Line’s plan is to acquire a total asset value of about $500 million annually.
City Line isn’t new to Pittsburgh per se. The company hired Peter Veltri as a partner and chief operating officer in early 2020 from Babst Calland. Veltri had built a 15-year career at the downtown law firm, where he was a shareholder specializing in real estate as well as M&A, energy and natural resources, and business law.
During the past three years, Veltri assembled a team in western Pennsylvania who worked remotely. Now, Veltri said, City Line is excited to establish an environment where the team can work collaboratively.
“Our expansion into Southpointe reflects our strategic growth vision,” Rick Schontz, City Line CEO and partner, said in a prepared statement. “This move not only allows us to continue to tap into talent from the Pittsburgh region, but also demonstrates our commitment to fostering a collaborative workplace that drives value for our investors.”
Prior to forming City Line Capital, Shcontz was a managing director at HFF, where he led the company's self-storage platform advising clients on the sale, debt financing and equity placement focused exclusively on self-storage.