PrimeSpace Secures $20 Million for Pier 40 Facility
The Philadelphia self-storage property recently obtained new financing following a successful redevelopment project.
Updated on Oct. 21, 2026 in Commercial
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PrimeSpace Capital secured $20.3 million in refinancing for the Pier 40 CubeSmart facility located at 841 S. Columbus Blvd. in Philadelphia. The company completed an adaptive reuse of the building, which opened in two phases between 2024 and 2025.
Why it matters
The financing deal reflects the ongoing repurposing of industrial sites in the city into modern, climate-controlled storage solutions. This transaction supports the operation of a facility that now serves as a key storage hub near major transportation arteries.
The Pier 40 property spans 118,280 rentable square feet and includes 1,486 climate-controlled units. JLL Capital Markets arranged the financing, which follows PrimeSpace Capital's 2023 acquisition of the site.
The players
PrimeSpace Capital
This is the commercial real estate investment firm that purchased the Pier 40 asset in 2023.
CubeSmart
This is a publicly traded real estate investment trust that serves as the manager for the facility.
JLL Capital Markets
This is a commercial real estate services firm that acted as the arranger for the financing deal.
Grant Street Funding
This is the financial institution that provided the $20.3 million loan for the facility.
The details
The facility was originally constructed as a port authority building in 1914 before being converted into its current use. The project involved an adaptive reuse redevelopment that modernizes the historic structure for contemporary demand.
Timeline
The building first opened as a port authority facility in 1914.
PrimeSpace Capital purchased the asset in 2023.
Phase 1 of the redevelopment project opened in 2024.
Phase 2 of the redevelopment project opened in 2025.
The firm secured the refinancing in October 2026.
Culture Shift
The adaptive reuse of the historic 1914 port facility reflects a broader societal shift toward repurposing underutilized industrial urban spaces. This transition mirrors the national move to integrate modern storage solutions into existing urban landscapes.
Local residents looking for climate-controlled storage will continue to have access to nearly 1,500 units at the Columbus Boulevard site. This redevelopment ensures that the historic facility remains a functional part of the area's logistical infrastructure.
The takeaway
Repurposing historic buildings can provide modern value while maintaining existing urban footprints. Property owners should assess whether their assets can be adapted to accommodate high-demand storage services in growing markets.
Further reading
For more on market trends, visit the Philadelphia Commercial section.
Source note: This article includes information reported by 301 Moved Permanently.
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