Rockford Property Sale

PrimeSpace Capital, in partnership with Axela Development Group, is pleased to announce the successful sale of our Rockford, Illinois property for $6.8 million. This marks our third successful full-cycle investment and reflects the hard work that went into transforming the property from acquisition through sale.

We acquired the partially vacant 75,000-square-foot retail property in 2019, recognizing an opportunity to unlock additional value within the existing footprint.

Our business plan centered on transforming the underutilized property into a mixed-use storage and retail asset. Approximately 55,000 square feet of the building was redeveloped into a Class A CubeSmart self-storage facility, while our team worked to preserve and strengthen the property's existing retail operations.

Rather than approaching the property as a straightforward conversion, the redevelopment required our team to think creatively about how the existing space could be reconfigured to accommodate self-storage while maintaining productive retail tenancy.

The repositioning extended beyond construction. Our team took a hands-on approach to the property's existing leases, renewing the Family Dollar lease and fully renegotiating the DMV lease. The renegotiated DMV lease secured a significant increase in rental rate along with an improved CAM reimbursement structure, further strengthening the property's income profile.

In 2023, following the execution of our redevelopment and leasing strategy, we refinanced the property with CMBS debt. The refinancing returned approximately 2.0x invested equity to investors through the refinance alone.

On September 18th, 2026, we sold the property for $6.8 million. Over the full hold period, the investment generated a 22.51% project-level IRR and a 3.1x equity multiple.

Rockford demonstrates the value of looking beyond a property's existing use. Through thoughtful redevelopment and hands-on execution, our team was able to reposition an underutilized retail asset and create value throughout the investment lifecycle.

The transaction also reflects the broader approach we bring to our investments. We are willing to rethink a property, adapt the business plan when necessary, and find practical solutions that move an asset toward its full potential.

We congratulate everyone who contributed to the success of the Rockford investment and thank Cameron Bradford of Gorman Self Storage Group of Marcus & Millichap for his partnership in successfully completing the transaction.