Sold! Prime Group adds 30 self-storage locations with trio of portfolio transactions

Bruce Goldberg
Published June 12, 2024

Prime Group Holdings LLC, a private equity real estate firm based in Saratoga Springs, NY, purchased 30 self-storage properties totaling 1.725 million RSF in three separate transactions spread over 90 days. The deals were made on behalf of Prime’s flagship investment entity, Prime Storage Fund III LP.

The three portfolios include:

  • A 14-property portfolio of roughly 800,000 RSF in New York State’s Hudson Valley region.
  • A five-property portfolio in northern New Jersey comprised of about 245,000 RSF.
  • An 11-property portfolio of approximately 680,000 RSF of self-storage in eight states.
Prime Storage sign

Prime Storage operates more than 300 facilities in 29 states

Prime Group will manage the facilities under the Prime Storage brand. Prime Group has facilities in 29 states, the islands of St. Thomas and St. Croix, and two Canadian provinces. Prime Group owns and operates more than 300 self-storage sites and manages assets worth well over $4 billion on behalf of a global institutional investor base

Source: BusinessWire

StorSafe Self Storage, which is under the Elmdale Partners umbrella, bought its 28th facility, this one in Lexington, SC (below). Elmdale is a real estate investment firm based in Chicago, IL. The new site’s location is about 15 miles from Columbia, the state capital. It offers both climate- and non-climate-controlled facilities, along with covered boat and RV parking. In total, it has 38,600 NRSF, and there’s room to grow. Source: StorSafe/Elmdale Partners

Elmdale partners

In West Gardiner, ME, Malone Commercial Brokers completed the $2.134 million sale of a newly constructed, 26,000-square-foot self-storage facility at 17 Town House Road. It has about 7.5 acres, and the site has five storage-unit buildings that were sold to 17 Town House Road LLC by West Gardiner Self Storage LLC. Construction was completed in April 2023. The facility is along the Town House Road corridor. Brandon Mitchell of MCB represented the seller. Jordan Stolt of Summit Real Estate represented the buyer. The deal closed on May 1. Source: New England Real Estate Journal

Moove In Self Storage bought the Storage World property at 925 Old Trail Road in Newberry Township in York County, PA. The 11.61-acre site includes 234 temperature-controlled units, 123 drive-up units and 27 parking spaces for vehicles, boats and RVs. Source: Moove In

SkyView Advisors closed another self-storage facility, with 99,331 NSRF and 424 units in Columbus, OH. Vice President Codey Dalton and Managing Director Aaron Sanchez represented the seller in the transaction. The facility sits on 13.28 acres. There are no other self-storage facilities within 3.5 acres.

Bruce Goldberg

Bruce Goldberg is a freelance writer and editor based in Denver. He worked in newspapers and magazines as both a business writer/editor and sportswriter/editor for 35 years.

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