Prime Group Continues Canadian Expansion With Second 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, expanded its presence in the Canadian market with the purchase of U-Lock Mini Storage in Burnaby, British Columbia, the company’s second acquisition in the country. The transaction was made through Prime Storage Fund III LP, according to the source. 

The three-story building at 4240 Manor St. comprises 67,476 square feet in 1,018 units. It’ll operate under the Prime Storage brand. 

“We thoroughly evaluated the Metro Vancouver market and Burnaby in particular, which shows compelling demand drivers similar to those we have targeted in the U.S.,” said Robert Moser, CEO. “The densely populated market has driven strong rents as a result of both residential and retail demand for local self-storage options.”  

The Burnaby purchase follows Prime Group’s recent acquisition of its first Canadian self-storage property, Pockit Self Storage in Sherwood Park, Alberta. The same fund was used for that transaction.

Prime Group plans to continue its Canadian expansion with more acquisitions, Moser said. “Vancouver and other major Canadian metros have many submarkets with particularly affluent and growing populations, economic development and limited self-storage supply,” he added. "We have a robust pipeline of opportunities, and we look forward to continuing to purchase high-quality assets in similar cities across Canada.”  

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 302 facilities comprises more than 22.5 million rentable square feet.  

U-Lock Mini Storage operates six self-storage facilities in Western Canada.  

Source: RENX, Prime Group buys second Canadian self-storage property, in Burnaby.