Prime Group Acquires First Self Storage Asset in Canada
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.
More Content
Popular Posts
The self storage industry is in a precarious...
Joe Shoen, CEO of U-Haul, has had enough.
Like its name implies, Surprise, Ariz., a...
Self-storage operators wear a lot of hats....
The question of “abandonment” of stored...
In a booming economy, expendable income...
In a record-breaking deal finalized May 12,...
Mother Nature can be a cruel mistress....
Boat and RV storage has morphed and...
Senate Bill 709 (SB709) has many in the...
Recent Posts
The idea of interior design often conjures...
Delinquent tenants are an inevitable part of...
Most leaders don’t ignore change because...
The self-storage sector has experienced a...
After 25 years in self-storage, I’ve seen...
In the early days of self-storage, many...
Brace for impact: starting today, the tax on...