Prime Group Buys Denver-Area Self Storage Asset
The 546-unit facility sold for $6.1 million.
Prime Group Holdings has acquired CubeSmart (Managed), a 66,856-square foot self-storage facility in Centennial, Colo., for $6.1 million.
The seller was a private individual, according to Yardi Matrix data and was represented by Marcus & Millichap. The new owner rebranded the property as Prime Storage.
Built in 1999, the property consists of 21 one-story buildings sitting on 4.6 acres. It incorporates 546 non-climate-controlled units ranging from 20 to 360 square feet, all of which have been updated in late 2022. On-site amenities include gated entry, video surveillance, drive-up access and parking spaces.
Located at 20210 E. Smoky Hill Road, the property is within 4.5 miles from Foxfield and roughly 23 miles south of Denver. Yardi Matrix information shows that it is one of eight self-storage facilities within a 3-mile radius totaling 5 net rentable square feet per capita.
Marcus & Millichap’s Executive Director Charles LeClaire and Managing Director Adam Schlosser brokered the transaction. In prepared remarks, LeClaire complimented the developer’s foresight and business acumen mentioning that he constructs facilities in anticipation of major residential projects. Schlosser recently facilitated the sale of a 66,875-square-foot self-storage asset also operating under the CubeSmart brand in South Carolina.