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  • Writer's pictureRealFacts Editorial Team

Prime Storage Expands with Major Self Storage Acquisitions

Prime Storage sign

Prime Group Holdings has significantly expanded its national self storage portfolio with the acquisition of 30 properties totaling approximately 1.7 million square feet across 10 states. These assets, acquired in three separate transactions, underscore Prime Group's robust growth strategy in the self storage sector.

The Saratoga Springs, N.Y.- based private equity real estate firm utilized its flagship investment vehicle, Prime Storage Fund III, to close these deals in less than 90 days. The recently closed Prime Storage Fund III, with $2.5 billion in equity, is the largest fund ever raised exclusively for self storage investing, far exceeding its $1.5 billion target.

The new acquisitions will be managed by Prime Group and operated under the Prime Storage brand. The portfolio includes:

- A 14-property portfolio in the Hudson Valley region of New York state, comprising about 800,000 square feet of self storage space.

- A five-property portfolio in northern New Jersey, offering approximately 245,000 square feet of self storage space.

- An 11-property portfolio spread across eight states in the Northeastern, Southeastern, and Midwestern U.S., totaling about 680,000 square feet of self storage space.

Prime Group's expansion reflects its strategy of targeting undersupplied markets across North America. The firm, which owns facilities in 28 states, the U.S. Virgin Islands, and two Canadian provinces, has acquired more than $5.7 billion in self storage assets since 2013.

This portfolio consists of over 400 properties and 28 million square feet of space.

In recent transactions, Prime Group has continued to strengthen its market presence. In May, the firm acquired a 65,642-square-foot self storage facility in Providence, R.I., for $13.8 million. This property, initially branded as CubeSmart Self Storage, was rebranded as Prime Storage and expanded the firm's holdings in the Providence market to over 700,000 square feet across eight properties.

Earlier, in March, Prime Group purchased a 98,000-square-foot facility in Rocklin, Calif., for $20 million. The three-story property with 993 units on a 1.72-acre site was acquired from Banner Real Estate Group.

Last fall, Prime Group made several strategic off-market acquisitions:

- A two-building facility in Nanuet, N.Y., with 113,701 square feet of rentable space.

- A multi-story property in Shirley, N.Y., with 50,800 square feet.

- A three-building facility in Gastonia, N.C., with 108,900 square feet.

- A two-building facility in Temple Terrace, Fla., with 88,700 square feet.

Additional acquisitions in 2023 included:

- A 66,856-square-foot CubeSmart managed facility in Centennial, Colo.

- A 69,140-square-foot asset in Bremerton, Wash.

- An 84,608-square-foot property in Port St. Lucie, Fla.

Prime Group Holdings continues to leverage its significant capital and strategic acquisitions to expand its presence in the self storage market. By focusing on undersupplied regions and utilizing efficient fund management, Prime Group is well-positioned to maintain its growth trajectory and enhance its extensive portfolio across North America.


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