The Inland Empire is continuing to see self storage properties trade hands. In one recent transaction that closed at the end of April, an entity linked to Prime Group paid $15 million, or about $128 per square foot, for a 117,293 square foot storage facility. The seller in the transaction was ELSINORE STORAGE LLC, an entity linked to David Schneider.
The property is located at 28497 CA-74 on more than 10 acres and consists of 12 buildings built in 2017, public records show.
Situated in northern Lake Elsinore, the property is located amongst other industrial properties, including a stone yard, several manufacturers and auto repair shops. The property is also within close proximity to Interstate 15.
Prime Group is a real estate firm focused on self storage and other alternative real estate asset classes. Based in Saratoga Springs, New York, the firm has approximately $4 billion worth of assets under management. Since it was founded , Prime Group has owned and operated over 320 self storage facilities representing approximately 180,000 storage units and over 22 million rentable square feet.
In January, the firm announced it has closed its third self storage fund, Prime Storage Fund III, at $2.5 billion.
“We are pleased to have closed our third flagship fund, the largest in history in the self storage sector. This achievement is a testament to the strength of our platform, our differentiated, data-driven investment approach and experienced team. We are grateful for the support from our new and existing investors as we seek to continue to capitalize on a resilient asset class to deliver market-leading investment performance,” Robert Moser, Prime Group’s Founder, Principal and CEO, said at the time of the closing.
