U.S.-based Prime Group Holdings has made its first investment in Canada with the purchase of a self-storage facility in the Edmonton area.

Prime bought the property through its third flagship fund, Prime Storage Fund III. Built in 2018, the facility is located at 70 Broadview Road in Sherwood Park, Alta.

“Over time, we look forward to executing our strategy across Canada, as we identify quality self-storage assets backed by strong demographics and continue delivering attractive risk-adjusted returns to our investors,” said Robert Moser, Prime Group’s founder, principal, and CEO, in a news release.

The property comprises a single-storey building with 54,600 square feet of rentable area, 472 indoor climate-controlled and drive-up units, and 22 parking spaces. The spaces are 90% occupied.

Colliers self-storage group members Phil Gibbon, based in Vancouver, and Ashley Compton, who works out of Nashville, said on LinkedIn that they represented the property’s former ownership partners Pockit Self-Storage and Hungerford Properties, who are both located in Vancouver.

Headquartered in Saratoga Springs, N.Y., Prime Group, focuses its investments on self-storage and other alternative real estate assets and manages more than US$4 billion in properties.

Photo: Colliers