Update 9/20/18 – Prime Group has acquired another self-storage property in Queens. The company paid $26.5 million for the two adjacent industrial buildings at 109-09 180th St. and 180-05 110th Ave. in Jamaica. The site comprises 106,000 square feet and once operated as Treasure Island Storage, according to the source.
The seller was Cayre Equities LLC, a private real estate development and investment firm. The company acquired the joint lots in 2005 for $6.5 million.
1/2/18 – Prime Group Holdings, a New York-based real estate group that owns self-storage and other real estate interests, has acquired a storage facility from Madison Development LLC in the Astoria neighborhood of Queens, N.Y., for $94 million. The 173,990-square-foot property at 31-07 20th Ave. will be rebranded under the Prime Storage Group name, according to a source.
The Astoria facility is Prime Group’s third location in New York City. It acquired an 82,862-square-foot Brooklyn property from Madison in October for $53 million. The company has also purchased a Madison-owned property at 1735 Zerega Ave. in the Bronx for $37 million, the source reported.
Prior to its recent sales, Madison owned about 600,000 square feet of self-storage in New York City. “I’ve built enough storage, and we are now reframing our business to seek other adventures,” Adam Gordon, president of Madison, told the source.
Headquartered in Saratoga Springs, N.Y., Prime Group owns and manages more than 170 self-storage facilities in 23 states. Its operating portfolio comprises more than 10 million rentable square feet.
Sources:
The Real Deal, Saratoga Springs Firm Buys Jamaica Self-Storage Facility for $27M
The Real Deal, Saratoga Springs Firm Pays $94M for Astoria Self-Storage Site
