Prime Group Expands Providence Self Storage Portfolio
The 65,642-square-foot property came online in 2023.
Prime Group Holdings has purchased a 65,642-square-foot self storage facility in Providence, R.I., for $13.8 million from Brady Sullivan Properties, Yardi Matrix data shows. The Storage Acquisition Group facilitated the transaction.
The property was subject to a $7.4 million construction loan in 2022, provided by Westfield Bank, according to the same source. The facility came online in 2023 under the CubeSmart Self Storage brand and was subsequently renamed to Prime Storage following its sale.
Rising three stories, the facility encompasses 749 units ranging between 25 and 200 square feet. Amenities include climate control in select units, drive-up accessibility, video surveillance, contactless renting as well as dollies and carts, among others.
Located at 80 Dupont Drive, the property has access to U.S. routes 10 and 1, while downtown Providence is less than 3 miles northeast. Prime Storage is one of the 10 facilities available within a 3-mile radius, providing residents 3.3 net rentable square feet per capita.
An emergent market
Following this purchase, Prime Group Holdings’ footprint in the Providence market rose to more than 700,000 square feet across eight properties.
Providence ranked second in Multi-Housing News’ top 10 emerging self storage markets with a development pipeline comprising 932,330 square feet under construction and 1.2 million square feet in the planning and permitting stages as of December. The amount accounted for nearly 30 percent of the existing inventory.
