Prime Group Holdings has completed its first investment in B.C. with the acquisition of a new self-storage property in the Vancouver suburb of Burnaby.

The purchase was made through Prime Storage Fund III, the firm’s investment vehicle.

Saratago Springs, N.Y.-based Prime announced the deal in a news release. The company will manage the property, which will operate under the Prime Storage brand.

The 1,018-unit facility comprises 67,476 rentable square feet and includes 63 parking spaces. Located at 4240 Manor Street, the property is visible from, and accessible to, the Trans-Canada Highway.

The seller and purchase price were not disclosed. U-Lock previously operated a self-storage facility at the location.

“The Canadian self-storage market is backed by strong demographic characteristics similar to those we see in the United States,” said Robert Moser, Prime’s founder, principal and CEO. “However, the opportunity for self-storage remains meaningfully underdeveloped comparatively. Burnaby is one of the most populous and densely developed cities in British Columbia and one of the most affluent suburbs of Vancouver, yet the market is currently undersupplied.

“We look forward to continuing to diversify our self-storage portfolio with international acquisitions and execute on our strategy across Canada.”

The acquisition marks Prime’s second investment in Canada.

In December, the company entered the Canadian market by purchasing a 64,050-sf self-storage property in the Edmonton bedroom community of Sherwood Park, Alta. That property was previously owned by Pockit Self-Storage and Hungerford Properties, who are both located in Vancouver.

In addition to operating in Alberta and B.C., Prime owns a large U.S. self-storage portfolio spanning 28 states and other self-storage facilities on the islands of St. Thomas and St. Croix. Altogether, Prime owns and operates 302 self-storage assets comprising approximately 22.5 million rentable sf.

Photo: Prime Group Holdings

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(Connect CRE will hold its inaugural Canada Kick-off Event in Toronto on June 11. This will be Connect’s first commercial real estate industry conference in Canada. Panelists will include Syl Apps, managing director and co-country head for Hines; Lindsay Brand, chief investment officer at Concert Properties; Mark Kenney, CEO of Canadian Apartment Properties REIT; and, Marie-France Benoit, Avison Young’s director of Canadian market intelligence. Come and gain insights from industry leaders on such matters as buyer sentiment amid a lower interest-rate environment, cross-border transaction trends, and investors’ outlook for 2024 and beyond. Register today.)