Prime Group Adds Self Storage Assets to Growing Portfolio
The company acquired the properties through its third flagship fund, Prime Storage Fund III.
Prime Group Holdings has acquired four self storage properties totaling approximately 362,000 square feet and located in Florida, New York and North Carolina.
The purchases were made in separate off-market transactions through the company’s third flagship fund, Prime Storage Fund III. The firm closed on its largest fund to date, raising $2.5 billion in equity. In December 2022, Prime Group completed the fund after hitting its hard cap and exceeding its $1.5 billion target. It was announced at that time that Prime Storage Fund III will focus on purchasing self storage assets in undersupplied markets.
The recently acquired properties, totaling 3,540 climate-controlled units, will be managed by Prime Group and will operate under the Prime Storage brand. The portfolio includes the following assets:
- A 50,800-rentable-square-foot, multi-story facility in Shirley, N.Y.
- A 108,900-rentable-square-foot, three-building facility in Gastonia, N.C.
- A 113,701 rentable-square-foot, two-building facility in Nanuet, N.Y.
- An 88,700-rentable-square-foot, two-building facility in Temple Terrace, Florida.
Since its founding in 2013, New York-based Prime Group Holdings has acquired 359 self storage properties, totaling 25.2 million square feet and valued at $5.7 billion. The company operates in 28 U.S states and the islands of St. Thomas and St. Croix.
Early this year, Prime Group acquired a 66,856-square-foot CubeSmart managed facility in Centennial, Colo., for $6.1 million. In March, the company also purchased a 69,140-rentable-square-foot asset in Bremerton, Wash., and an 84,608-square-foot property in Port St. Lucie, Fla.