WOONSOCKET – The site of a newly constructed 88,900-square-foot self-storage facility recently sold for $6.6 million, according to public records documenting the transaction.
The 777 Providence St. property was sold by 777 Providence Street LLC, a limited liability company based in Woonsocket, as the former majority owner of the site, according to the quitclaim deed, a public record of the sale.
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While 777 Providence Street LLC held a 60% ownership interest, the other former minority owners included JB Woonsocket LLC, based in New Hampshire; Bourne Acquisition LLC, based in Massachusetts; and 2527 LLC, also based in the Bay State.
The property was purchased by Prime Storage Woonsocket LLC, a limited liability company based in Saratoga Springs, N.Y. According to public records filed with the R.I. Department of State, Prime Storage Woonsocket LLC is managed by Prime Storage Fund III GP LLC, a fund managed by Prime Group Holdings.
Prime Group Holdings is a private equity company that operates Prime Storage, which since 2013 has acquired $5.7 billion in assets and operates more than 400 self-storage service facilities with more than 28 million square feet of rentable space throughout 28 states in the U.S., two Canadian provinces and one U.S. territory, the islands of St. Thomas and St. Croix.
Prime Storage operates seven other facilities in Rhode Island, including sites in Warren, Portsmouth, Cranston, Narragansett, Warwick and Providence.
Robert Moser, Prime Group’s founder, principal and CEO, said last year that the company is focused on “executing off-market investments to acquire and develop high-quality self-storage assets in densely populated communities backed by strong demographics.”
The storage facility was constructed from the ground up in a project that was completed in March by True Storage, a Manchester, N.H.-based construction company that specializes in redeveloping retail properties, such as former Circuit City, JCPenney and Toys ’R Us locations, into self-storage space.
Before the site was purchased by 777 Providence Street LLC for $749,000 in 2021, the formerly vacant lot was previously owned by the city of Woonsocket, according to the community’s online property tax evaluation database.
The 2.03-acre property, which was once a baseball field, was most recently valued by city assessors in 2023 as being worth $495,400, before the self-storage facility was constructed there.
The Prime Storage Woonsocket location is now offering self-storage space starting at $68 per month for a 5-foot-by-5-foot unit.
Marc Larocque is a PBN contributing writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockObama.
