CINNAMINSON, NJ— Saratoga Springs, NY-based Prime Group has purchased Riverline Self Storage, a 381-unit self-storage facility located in the Philadelphia suburb of Cinnaminson, NJ, for $5.4 million.
Holliday Fenoglio Fowler marketed the property on behalf of the seller, a local private investor. Prime purchased the asset free and clear of existing debt. Prime and its affiliates, including Rochester, NY-based Morgan Management, own approximately $2.8 billion of commercial real estate, including more than 3.6 million square feet of self storage facilities, about 25,000 apartment units and other real estate holdings.
Riverline Self Storage's two buildings on 4.5 acres at 1714 Bannard Street, in the northern part of Cinnaminson, total 63,539 rentable square feet. The property's 381 climate-controlled units total 36,586 rentable square feet and occupy portions of both two-story buildings. The remaining 26,953 rentable square feet is occupied by a combination of office, retail and warehouse tenants. The property is located near the Tacony-Palmyra and Betsy Ross bridges and serves the communities of Cinnaminson, Delran, Riverton and Palmyra.
The HFF investment sales team representing the seller was led by managing director Richard Schontz and director Barbara Guffey.
"The property is well-located and has strong in-place occupancy," Schontz says. "The purchaser will also have the ability to expand Riverline Self Storage's net rentable square footage immediately, creating additional value. The property fits well into Prime Group's growing Philadelphia-area portfolio and we were pleased to be able to facilitate the transaction."
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
