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.
