Prime Group Acquires First Self Storage Asset in Canada

Posted by Modern Storage Media on Dec 22, 2023 12:41:49 AM

Prime Group has acquired its first self-storage asset outside the United States. The private equity real estate firm reports that it has acquired a newly built single-story building in Alberta, Canada on behalf of Prime Storage Fund III, the self-storage fund that raised $2.5 billion a year ago.


Prime reports that the 54,600 sq ft property, located at 70 Broadview Road in Sherwood Park, comprises a combined 472 indoor climate-controlled and drive-up units, and 22 parking spaces and is nearly 90% occupied. The business, which is nearly 90 per cent occupied, previously operated under the Pockit Self Storage banner. The acquisition price was undisclosed. 


Robert Moser, Prime Group’s founder, principal, and CEO, said: “We carefully chose the Edmonton market, as the region has experienced significant population growth in recent years due to its natural beauty, culture, history, and strong economy—particularly in the increasingly diverse and affluent Sherwood Park suburb."


He continued, ”More and more residents and businesses in metro Edmonton are experiencing meaningful life changes and business opportunities that are driving the need for high-quality storage options, exhibiting similar demographic characteristics to those we see and invest in within the US market.”


Moser said Prime Group is committed to expanding its self-storage portfolio across Canada, identifying high-quality assets in areas with strong demographics, adding that the company is dedicated to providing investors with attractive risk-adjusted returns by focusing on assets that meets its criteria.


Since its inception, Prime Group has owned and operated more than 360 self-storage facilities representing more than 201,000 storage units and containing over 25.2 million rentable sq ft.