Prime Storage Group has acquired an assemblage of six properties in the Highbridge section of the South Bronx from Knickpoint Ventures for $28.5 million, according to the Commercial Observer. The buyer plans to keep and expand the existing storage facilities, but the site has significant development potential for a mixed-use project.
- Dig Deeper: The lots offer roughly 300,000 buildable SF for future residential and commercial development. The current buildings span about 124,000 SF of commercial space, although only 67,000 SF of that is currently rentable as storage.
- Addresses: 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. [CO]