Self-Storage Portfolio Trades for $588M
World Class Holdings has sold a 64-property self-storage portfolio in a deal that represents one of the largest-ever private transactions within the sector.
AUSTIN, TX – World Class Holdings has sold a 64-property self-storage portfolio to CBRE and facility operator William Warren Group/StorQuest for $588 million.
The more than 4.1 million-rentable-square-foot portfolio spans ten states including Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York and Nevada.
The acquisition represents one of the largest-ever private transactions in the self-storage sector.
The facilities were previously operated by World Class Holdings’ founder, chairman and CEO Nate Paul’s operating platform, Great Value Storage. The transaction did not include Paul’s California facilities or any of World Class Holdings’ new self-storage developments and conversions.
“We have been long-term investors in self-storage since entering the industry nearly 15 years ago,” says Paul. “The sale of this mature portfolio of assets to CBRE and William Warren Group presented us the opportunity to capitalize on that foresight, monetize our value-creation strategy, and achieve a highly favorable realization of our investment.”
Paul adds, “We plan to continue to invest in the self-storage sector. As a firm, we have over two million square feet of new self-storage developments and conversions underway nationally.”
Paul started to invest in self-storage in 2008 from private independent owners and public REITs, such as LifeStorage and Cubesmart. Since then, World Class Holdings has accumulated one of the largest privately-owned self-storage portfolios.