The William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, has purchased Tempe Warner Self Storage in Tempe, Ariz., for $6.7 million. The property was formerly managed by US Storage Centers Inc. (USSC) and branded as a US Storage Center facility. It will now be rebranded under the StorQuest name.
The facility at 1835 E. Warner Road is comprised of 52,000 square feet of storage space and all drive-up units. It’s on a major thoroughfare in Tempe, according to a press release from real estate firm Cushman & Wakefield (C&W), which brokered the deal. Greg Wells, director of the company’s Self-Storage Industry Group, represented the buyer and seller, Hibernia Tempe LLC, a privately held company also based in Tempe.
“The self-storage investment market is incredibly active right now. An abundance of capital from multiple sources, outstanding operating fundamentals and a lack of new supply have all contributed to this level of activity,” Wells said.
WWG was recently identified as one of eight independent self-storage operators expected to grow significantly in 2015 by SpareFoot, an online marketplace for self-storage consumers. The company plans to grow to 150 facilities through acquisitions, third-party management and a new national-development program. In addition to its existing regions, it’s eyeing a foothold in the Northeast, according to “The SpareFoot Storage Beat.”
Founded in 1994 and based in Santa Monica, Calif., WWG acquires, develops and operates more than 100 self-storage facilities in Arizona, California, Colorado, Florida, Hawaii, South Carolina and Texas.
Irvine, Calif.-based USSC is a real estate investment company that acquires, develops and operates self-storage facilities as well as provides third-party management services. The company is affiliated with Westport Memphis Self Storage LLC and Westport Properties, a full-service real estate company specializing in self-storage. It operates more than 85 facilities in 13 states.
C&W advises and represents clients on all aspects of property occupancy and investment. The firm's Valuation & Advisory Division, which includes the Self Storage Industry Group, is one of the largest real estate valuation and consulting organizations in the world. Founded in 1917, the company has 253 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types including leasing, sales and acquisitions, debt and equity financing, investment banking, corporate services, property management, facilities management, project management, consulting and appraisal.
