Prime Group Acquires Three Self Storage Portfolios Comprised of 30 Properties Across 10 States

Prime Group Acquires Three Self Storage Portfolios Comprised of 30 Properties Across 10 States

Prime Group Holdings has acquired 30 self storage properties comprising about 1.725 million rentable square feet across 10 states. The properties were acquired in three separate portfolio transactions that took place in a span of less than 90 days, all on behalf of the firm's flagship investment vehicle, Prime Storage Fund III, LP.

The acquisitions include:

• a 14-property portfolio of roughly 800,000 rentable square feet of self storage in the Hudson Valley region of New York state;
• a five-property portfolio in northern New Jersey of approximately 245,000 rentable square feet of self storage; and
• an 11-property portfolio of approximately 680,000 rentable square feet of self storage in eight states across the Midwest, Southeast and Northeast.

The facilities will be managed by Prime Group and will be operated under the Prime Storage brand.

"These portfolio transactions meaningfully expand our self storage portfolio and presence across the United States, and we look forward to leveraging our team's extensive property management expertise to enhance and optimize these assets," said Robert J. Moser, Prime Group's founder, principal and CEO. "Completed in the span of several weeks, these transactions reflect Prime Group's acuity in identifying high-quality assets in attractive, growing markets backed by strong demographics, as well as our team's execution and underwriting capabilities."

Via Institutional Real Estate, Inc.