Rosewood Property Co. (RPC), a Dallas-based real estate firm, has purchased a StorQuest Self Storage facility in Los Angeles. The company plans to maintain the existing management platform and brand name, according to a press release from Cushman & Wakefield (C&W), the real estate firm that brokered the transaction.
The property at 2222 N. Figueroa St. is at the intersection of Interstate 5 and Interstate 110, about a mile from downtown. It comprises 52,000 square feet of storage space.
"The Los Angeles acquisition represents our entry into one of the best-performing markets in the United States. The project is immediately north of downtown Los Angeles, which is undergoing a tremendous renaissance led by residential housing,” said RPC President Bill Flaherty. “Over 10,000 new residential units are under construction, bringing the total to 23,000 residential units constructed and more than $19 billion invested since 1999.”
This activity also includes new and renovated hotels, an art museum called The Broad, and a $323 million federal courthouse, according to an RPC press release. “We had a stated goal of growing Rosewood’s presence and storage portfolio on the West Coast, and with this acquisition, as well as recent activity in Seattle/Tacoma and Portland, [Ore.], Rosewood has committed more than $55 million to storage projects within the past several months,” Flaherty said.
"Because of the project’s highly visible location in one of the most sought-after markets in the country, we were able to drive interest from a wide variety of buyer pools,” added Greg Wells, director of the C&W Self Storage Practice Group, who represented the seller in the transaction. "We received interest from all investor types including the [real estate investment trusts], institutional and private-equity players as well as 1031-exchange buyers. The market remains very active for assets in quality, densely populated trade areas.”
RPC is a subsidiary of The Rosewood Corp., a private investment concern owned by the Caroline Hunt Trust Estate. Its portfolio includes 30 storage facilities in 10 states totaling nearly 2.2 million square feet. The company has seven multi-story storage projects under construction in San Antonio, Dallas, Denver and Houston as well as in the Pacific Northwest, totaling 650,000 square feet. It’s also actively pursuing acquisition opportunities.
StorQuest is the operating brand for The William Warren Group (WWG), a privately held real estate company. 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.
Founded in 1917, Cushman & Wakefield offers a complete range of services for all property types including consulting and appraisal, corporate services, debt and equity financing, investment banking, leasing, and sales and acquisitions. Its Self Storage Practice Group is dedicated to the self-storage asset class. The group offers consulting, data services, feasibility, investment advisory and valuation in major markets.
