Prime Group Enters Canadian Market Via Pockit Self Storage Acquisition

Prime Group Holdings LLC, a New York-based real estate group that owns self-storage and other types of commercial real estate, has entered the Canadian market via the acquisition of Pockit Self Storage in Sherwood Park, Alberta. Built in 2018, the facility at 70 Broadview Road comprises 54,677 rentable square feet in 472 units and 22 vehicle-storage spaces, with room for expansion, according to the source.

“Since we raised our first private-equity real estate fund dedicated to self-storage in 2015, we have expanded our geographic footprint throughout the United States. As we continue to expand our portfolio, we view the Canadian market as the natural next step in our firm’s evolution,” Prime Group CEO Robert Moser told the source. “For the Canadian markets we are targeting, we see investment characteristics similar to those we target in the U.S., with a particular emphasis on markets with high-growth, affluent populations.”

The off-market transaction was made through Prime Storage Fund III LP, the company’s third acquisition vehicle. Moser said Prime will self-source and -manage its Canadian real estate holdings, the source reported.

“We are committed to growing our footprint and presence in Canada in a thoughtful and disciplined manner,” Moser said. “As part of this, we are actively evaluating high-quality assets that meet our investment criteria—and our pipeline is strong and growing.”

Headquartered in Saratoga Springs, New York, Prime Group operates the Prime Self Storage brand and has more than $4 billion in assets under management in 28 states. Its portfolio of 295 facilities comprises more than 20.7 million rentable square feet.

Pockit operates six self-storage facilities in British Columbia and Manitoba.

Source: RENX, Prime Group Makes First Canadian Self-Storage Investment