PrimeSpace Secures $20M for Philadelphia Self Storage
A former port authority building now houses nearly 1,500 climate-controlled units.
PrimeSpace Capital has secured $20.3 million in refinancing for Pier 40 CubeSmart, a 118,280-rentable-square-foot, Class A self storage facility in Philadelphia.
Grant Street Funding provided the floating-rate construction take-out loan, while JLL Capital Markets arranged the deal on behalf of the borrower.
Inspired by Beaux-Arts architecture, the property opened in 1914 as a Philadelphia Port Authority building. PrimeSpace Capital purchased the asset in 2023 and completed an adaptive reuse redevelopment, with Phase 1 opening in 2024 and Phase 2 in 2025.
Located at 841 S. Columbus Blvd. on 5 acres, Pier 40 CubeSmart sits just off Interstate 95 and some 3 miles south of U.S. Route 30. Downtown Philadelphia is 2 miles away.
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The two-story property comprises 1,486 climate-controlled units ranging from 25 to 200 square feet. Amenities include elevator and keypad-controlled access gates, as well as video surveillance, parking and on-site management. CubeSmart is in charge of management.
Yardi Matrix tracks 23 storage facilities within a 3-mile radius, providing 5.68 net rentable square feet per capita.
Philadelphia transaction volume
Philadelphia ranked among the top 10 markets for self storage transactions in the first half of this year, according to Yardi Matrix information. Self storage trends show the metro cashed in some $100 million across 731,949 square feet as of early September. Across the U.S., self storage properties traded for $2.9 billion in the first half of 2026.
One notable deal took place earlier this year within 2 miles of Pier 40 CubeSmart, as the 199,656-square-foot Extra Space Storage at 40 Spring Garden St. traded for $20.6 million. In March, North Palisade Partners purchased the asset as part of a two-property deal. Also an adaptive reuse redevelopment, the facility was initially a warehouse which opened in 1900 and was converted to self storage use in 2021.
