Prime Group Acquires Four Self Storage Facilities Along East Coast

Expands presence in Florida, New York and North Carolina with 3,540 units

SARATOGA SPRINGS, N.Y.--(BUSINESS WIRE)--Prime Group Holdings, LLC (“Prime Group”), a vertically-integrated private equity real estate firm, today announced the acquisition of four self storage properties comprised of 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, LP.

The portfolio includes a 50,800 rentable-square-foot, multi-story facility in Shirley, New York in Eastern Long Island, a three-building, 108,900 rentable-square-foot facility in the Charlotte suburb of Gastonia, North Carolina, a two-building, 113,701 rentable-square-foot facility in Nanuet, New York outside of New York City, and a two-building, 88,700 rentable-square-foot property in the Tampa suburb of Temple Terrace, Florida. 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. “We are pleased to continue applying our proven institutional management process to enhancing and optimizing operations at self storage facilities in affluent East Coast markets with consistently growing populations.”

The acquisitions follow Prime Group’s recent successful closing of its third flagship self storage fund, Prime Storage Fund III LP, 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 U.S., with facilities spanning 28 states and the islands of St. Thomas and St. Croix.

About Prime Group Holdings
Prime Group Holdings is a vertically integrated private equity real estate firm focused on self storage and other alternative real estate asset classes, managing assets worth over $4 billion on behalf of a global institutional investor base. Headquartered in Saratoga Springs, NY, with a regional office in Jupiter, FL and investment origination offices in Denver, CO and Hackensack, NJ, the firm has more than 600 employees, including investment professionals, property managers, an investor reporting team, construction and marketing personnel, and deal-sourcing professionals. For more information, please visit https://www.goprimegroup.com/.