Largest Bronx Storage Deal Since 2017: $29M For Six Properties
Prime Storage Group has picked up an assemblage of six properties in the Highbridge section of the South Bronx for $28.5 million, according to brokers involved in the deal.
The series of connected storage facilities, warehouses and parking lots include 950 University Avenue, 969 Summit Avenue, 971 Summit Avenue and 973 Summit Avenue, plus a sixth unaddressed lot. The assemblage runs through the block between West 162nd and West 164th streets, next to the Major Deegan Expressway.
The sale is one of the largest commercial deals in the Bronx this year, and the largest Bronx storage facility transaction since 2017.
Prime Storage plans to keep and expand the existing storage facilities, but the site has significant development potential for a mixed-use project (like many sites in the South Bronx). The lots offer roughly 300,000 buildable square feet for future residential and commercial development. The current buildings span about 124,000 square feet of commercial space, although only 67,000 square feet of that is currently rentable as storage.
Matt Sprayregen from Knickpoint Ventures was the seller. Itan Rahmani and Yehuda Goltche of Venture Capital Properties handled both sides of the transaction.
“Given the unique challenges presented by COVID-19, we thank everyone who was involved and are happy to have seen this deal to fruition,” Rahmani said in a statement. “This is the largest transaction that has closed in the Bronx since COVID began and the second-largest storage trade in the borough since 2012, with the largest facility also being purchased by Prime at 1260 Zerega Ave in 2017.”