An entity tied to William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, has acquired three self-storage facilities in Miami-Dade County, Fla., for a combined $100 million. The seller was CRP/Westport Self Storage Dixie, a joint venture between the Carlyle Group and Westport Properties Inc. (WPI), which operates the US Storage Centers brand, according to the source. All the properties opened within the last two years.
The facility at 13301 S.W. 87th Ave. in Miami was acquired for $39.8 million. It’s near The Falls, and open-air shopping center. CRP/Westport purchased the 40,000-square-foot lot for $4 million in 2016, the source reported.
The four-story property at 1396 N.E. 125th St. in North Miami, was $31.7 million. The building comprises 147,027 square feet in 1,200 units. The joint venture paid $3.6 million for the property in 2016.
The five-story facility at 1555 W. Dixie Highway in North Miami Beach comprises 123,000 rentable square feet. It was purchased for $28.7 million. The partnership purchased the 1.3-acre lot in 2015 for $1.4 million.
The Carlyle Group is a global alternative asset manager with more than $200 billion of assets under management worldwide, according to its website. The company specializes in aerospace, defense and government services, energy, financial services, healthcare, real estate, technology and business services, telecommunications, transportation, and other industries.
Founded in 1985 and based in Irvine, Calif., WPI is a real estate investment company that acquires, develops and operates self-storage facilities, and provides third-party management services. Its portfolio comprises 8 million rentable square feet in 15 states.
Headquartered in Santa Monica, Calif., and founded in 1994, WWG acquires, develops and operates more than 125 self-storage facilities in Arizona, California, Colorado, Florida, Hawaii, South Carolina and Texas.
Source: The Real Deal, Carlyle JV Sells Miami-Dade Self-Storage Portfolio for $100M
