Scranton

PrimeSpace Capital Successfully Completes the Sale of Scranton Self-Storage Property

PrimeSpace Capital is pleased to announce the successful sale of our Extra Space Storage property in Scranton, Pennsylvania, for $14.15 million. The transaction marks the firm's first successful full-cycle investment and reflects the disciplined execution of our investment strategy from acquisition through disposition.

PrimeSpace Capital acquired the property in October 2021 and redeveloped a former K-Mart into a 125,000-square-foot mixed-use property anchored by an 87,000-square-foot Class A, climate-controlled self-storage facility. The completed project transformed an underutilized retail property into a high-quality self-storage asset designed to serve the needs of the local community.

Over a five-year hold period, the investment generated a 26.11% project-level internal rate of return (IRR) and a 2.5x equity multiple. These results were achieved during a period of changing market conditions and reflect the team's disciplined underwriting, active asset management, and consistent execution throughout the life of the investment.

At PrimeSpace Capital, we believe successful investing extends beyond acquiring quality real estate. Every investment requires thoughtful planning, disciplined execution, and active management to create value over time. The successful exit of the Scranton property demonstrates our commitment to delivering strong outcomes for our investors while remaining focused on long-term value creation.

We extend our sincere appreciation to everyone who contributed to the success of this investment throughout its lifecycle. We also thank Cameron Bradford of Marcus & Millichap for his partnership in successfully completing the transaction.

As PrimeSpace Capital continues to expand its national self-storage platform, successful full-cycle investments like Scranton reinforce our commitment to disciplined execution and creating long-term value for our investors.