Prime Group Acquires Four Self Storage Facilities Along East Coast
Prime Group Holdings, a vertically integrated private equity real estate firm, announced the acquisition of four self-storage properties comprising approximately 362,000 rentable square feet and 3,540 units along high-traffic corridors in key metropolitan areas along the East Coast. Located in Florida, New York and North Carolina, the properties were acquired in four separate off-market transactions through the firm’s third flagship fund, Prime Storage Fund III.
The portfolio includes a 50,800-rentable-square-foot, multistory facility in Shirley, N.Y., in Eastern Long Island; a three-building, 108,900-rentable-square-foot facility in the Charlotte suburb of Gastonia, N.C.; a two-building, 113,701-rentable-square-foot facility in Nanuet, N.Y., outside of New York City; and a two-building, 88,700-rentable-square-foot property in the Tampa suburb of Temple Terrace, Fla. Each property is a modern, climate-controlled facility. The properties will be managed by Prime Group and will be operated under the Prime Storage brand.
“These transactions reflect Prime Group’s commitment to sourcing and executing off-market investments to acquire and develop high-quality self-storage assets in densely populated communities backed by strong demographics,” said Robert Moser, Prime Group’s founder, principal and chief executive officer.
The acquisitions follow Prime Group’s recent successful closing of its third flagship self-storage fund, Prime Storage Fund III, at the fund’s hard cap of $2.5 billion, making it Prime Group’s largest fund to date. Since inception, Prime Group has owned and operated 359 self-storage facilities representing more than 201,000 storage units and over 25.2 million rentable square feet. The firm operates nationally across the United States, with facilities spanning 28 states and the islands of St. Thomas and St. Croix.