World Class Holdings has sold a 64-property self storage portfolio, totaling 4.1 million rentable square feet across 10 states, for $588 million. A joint venture between CBRE and the William Warren Group acquired the properties, set to be managed under the StorQuest brand.
The properties, previously operated by Great Value Storage, comprise 28,601 units with drive-up access in key markets, such as Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York and Nevada. At the time of the sale, the portfolio was 82 percent leased, according to CBRE.
The sale did not include any facilities in California or any of the firm’s new developments, as the company plans to continue its investments in the self storage market. The firm also has 2 million square feet of new storage space or conversion projects underway, Nate Paul, founder, chairman & CEO of World Class, said in prepared remarks.
As the pandemic-accelerated migration trends continue to shape the national self storage market, interest in the sector will remain high. CBRE research shows that 41 percent of investors believe that self storage is one of the most targeted real estate industry and want to pursue investments in the sector.
Last year, CBRE Global Investors paid $118 million for another four-property portfolio across Colorado, California and Washington, totaling 298,286 square feet of rentable space, and also managed under the StorQuest brand.