An affiliate of Prime Group Holdings LLC, a New York-based real estate group that owns self-storage and other real estate interests, has acquired two storage properties in Massachusetts for a combined $6.6 million from an affiliate of retailer Koopman Lumber & Hardware. The deal includes land as well as Grafton Self Storage in Grafton, Mass., and Northbridge Self Storage in Whitinsville, Mass., according to the source.
The Grafton site is about 7.5 acres. The Koopman Family retained about half of the original 15-acre parcel, which includes its store and other retail businesses along Route 122.
Northbridge Self Storage on Douglas Road, which opened about a year ago, sold for $3.6 million. The phased project has city approval for eight storage buildings, the source reported.
Koopman Lumber & Hardware operates seven retail locations and two distribution centers in Massachusetts.
Headquartered in Saratoga Springs, N.Y., Prime Group owns and manages more than 200 self-storage facilities in 23 states. Its operating portfolio comprises more than 13.5 million rentable square feet.
Source:
Worcester Business Journal, Koopman Hardware Family Sells Land to Storage Business for $6.6M
