Monday, December 7, 2015

Prime Group in $5.4M Deal for Suburban Philadelphia Self-Storage

by Steve Lubetkin,
Saratoga Springs, NY-based Prime Group has purchased Riverline Self Storage, a 381-unit self-storage facility located in the Philadelphia suburb of Cinnaminson, NJ, for $5.4 million.

The seller was a local private investor.  Prime purchased the asset free and clear of existing debt. Prime and its affiliates, including Rochester, NY-based Morgan Management, own approximately $2.8 billion of commercial real estate, including more than 3.6 million square feet of self storage facilities, about 25,000 apartment units and other real estate holdings.

Riverline Self Storage’s two buildings on 4.5 acres at 1714 Bannard Street, in the northern part of Cinnaminson, total 63,539 rentable square feet.  The property’s 381 climate-controlled units total 36,586 rentable square feet and occupy portions of both two-story buildings.  The remaining 26,953 rentable square feet is occupied by a combination of office, retail and warehouse tenants.  The property is located near the Tacony-Palmyra and Betsy Ross bridges and serves the communities of Cinnaminson, Delran, Riverton and Palmyra.

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