Bronx Storage Asset Trades for $26M

Benefit Street Partners Realty Trust provided the buyer with a $29.9 million loan which also encumbers a recently acquired Long Island facility.
950 University Ave.

Prime Group Holdings has completed the $26 million acquisition of a self-storage property spanning 105,877 square feet in the Bronx, Yardi Matrix shows. Tuck-It-Away Self Storage sold the building.

Benefit Street Partners Realty Trust provided a $29.9 million acquisition loan, which also encumbers a 111,108-square-foot asset in Long Island. Prime Group bought that property for $10 million in August, according to public records.

Located at 950 University Ave., the eight-story building was originally completed in 1929 and served as headquarters for publishing house H.W. Wilson. In 2012, Tuck-It-Away Self Storage paid $10.9 million for the structure and converted it into self storage and office space, using it as its new headquarters.

The facility provides climate-controlled indoor units with sizes between 9 and 960 square feet. The property has security cameras and an on-site manager. Located in an Opportunity Zone, the site is a short distance from Interstate 87.  There are at least eight other self storage facilities encompassing 544,957 square feet within a 1-mile radius, Yardi Matrix shows.

In March, Prime Group Holdings paid $9.2 million to purchase a 116,350-square-foot self storage asset in Charlotte, N.C. LMF Commercial provided acquisition financing for the 666-unit facility.