Hearthfire Holdings Announces Acquisition of Class A CubeSmart Self-Storage Asset in Syracuse, New York

Philadelphia-Based Firm Expands Northeast Footprint with Institutional-Grade, Climate-Controlled Facility in Undersupplied Top-100 Market
PHILADELPHIA, PA. - January 27, 2026 - Hearthfire Holdings [https://hfirecapital.com/], a real estate investment firm that works with investors to buy selfstorage properties, announced today that it has closed a Class A selfstorage purchase at 615 Erie Boulevard West in Syracuse, New York, representing the firm's 24th asset across 10 states. The capital raise for this property was fully funded from existing relationships in roughly two weeks without any formal promotion. The transaction shows that Hearthfire Holdings is expanding into markets where storage space supply is limited and entry is difficult.

Located in downtown Syracuse with close proximity to Syracuse University, the facility benefits from strong surrounding demographics, including more than 135,000 residents within a three-mile radius and a median household income of approximately $63,000. The new Syracuse property is a Class A conversion with 45,399 rentable square feet, 509 units, and is 100% climatecontrolled. The project finished in September 2024.

"The acquisition checks every box we look for - quality, product, a good city location, and a market that does not have enough supply," said Sergio Altomare [https://www.linkedin.com/in/sergio-altomare-7823294/], CEO of Hearthfire Holdings. "This is a top-100 market deal in Syracuse, and the asset puts us in a position for leasing and for sale options."

CubeSmart Self Storage, one of the nation's most experienced selfstorage operators, will manage the Syracuse property.

"The lease-up strategy is disciplined," Altomare added. The investment shows the kind of risk-adjusted opportunity that the investors expect from Hearthfire."

According to Altomare, market fundamentals support the investment, with a supply of roughly 3.2 square feet per capita, including approximately 2.1 climate-controlled square feet and 1.1 non-climate-controlled square feet. "The supply points to a shortage of climate-controlled inventory," Altomare said. "Within the three-mile trade area, there are two developments that total 68,000 net rentable square feet, and two more developments are in the planning stages. I've also seen that one project has been stalled since 2022."

At acquisition, the property had 28% of its space leased, and rents were set at $20 per square foot. Hearthfire's business plan assumes a small rate change to expedite lease-up, and then expects market rents to return to $20-22 per square foot when the property stabilizes.

The transaction also includes leasing back 200 parking spaces from the office building across the street. The annual rent for one of these spaces will be $40,000, payable in equal monthly installments of $3,333.33. The lease for these spaces runs for 10 years at signing, with rent increasing by 15% every five years, beginning in the sixth year. Hearthfire anticipates buyer demand at exit, on a single-asset basis.

Acknowledgments

Hearthfire Holdings gratefully acknowledges the contributions of the following partners:

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Brokers: Aaron Carter, Senior Associate & Richard Riddle, Executive Vice President, Skyview Advisors

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Debt Partners: Tim Jefferies, Senior Vice President & Rachel Murphy, Assistant Vice President, WSFS Bank; Deanna Ellis, Senior Title Officer, Stewart Title

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Legal Counsel: Jonathan Gremminger, Esq., Sherman, Silverstein, Kohl, Rose & Podolsky, P.A.

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Legal Counsel for WSFS: Stacy Bedwick, Esq., Kurtz and Partners, P.C.

For those interested in a private briefing, contact Hearthfire at investors@hfireholdings.com [mailto:investors@hfireholdings.com]. All media inquiries and interview requests should be directed to Thomas Mustac, Senior Publicist at Otter PR, at thomas.mustac@otterpr.com [mailto:thomas.mustac@otterpr.com].

About Hearthfire Holdings

Hearthfire Holdings is a real estate and private equity firm focused on self-storage investments. The company boasts more than $180 million in assets under management and nine successful exits, with an established reputation for selection of markets, operational sophistication, and investor-aligned structures. Led by Sergio Altomare, co-founder and former Executive Director of Technology at the Federal Reserve, Hearthfire applies institutional-level financial management, advanced technology, and highly disciplined real estate execution to locate and monetize underperforming assets and development opportunities.

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