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Prime Group buys CubeSmart self-storage facility in Brooklyn for $53 million

Prime Group Holdings has acquired a CubeSmart self-storage facility in Canarsie, Brooklyn for $53 million, according to city records.

The 135,000 s/f property is located at 1084-1098 Rockaway Avenue between Ditmas Avenue and Avenue D. The location now operates under the Prime Storage Group brand.

The seller is Madison Development, a self-storage developer. The company has 600,000 s/f of storage space in New York City, including a 175,000 s/f facility at 31-07 20th Avenue in Astoria.  Its portfolio in the city also includes 262 Mott Street in Nolita and 3350 Park Avenue in the Bronx.

Prime Group Holdings is a Saratoga Springs, New York-based self-storage company that operates in 21 states. Its portfolio covers 9.6 million s/f of space across 170 facilities. Earlier this year, it expanded its footprint in the northeast by acquiring a 152,000 s/f self storage portfolio in New Jersey. The Rockaway Avenue property is the company’s only location inside New York City, according to the Prime Storage website.

The firm is funding the acquisition with a $42 million loan from Arbor Realty.

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