Solano Storage Center, a 75,965-square-foot self-storage facility in Fairfield, Calif., sold on June 14 for $7.7 million. The buyer was a joint venture between Orange, Calif.-based RHW Capital Management Group LLC and Los Angeles-based Woodbridge Capital Partners LLC. The seller was Channel Properties.
The property at 340 Travis Blvd. includes 600 self-storage units and a seven-unit, 7,840-square-foot retail center on 3.44 acres. The storage facility was 81 percent physically occupied at the time of sale. The retail center was 100 percent leased.
The partnership was formed to acquire self-storage assets and manage ongoing projects, said James Hanrahan, managing partner of acquisitions for RHW, which provides third-party management services. Hanrahan was joined in the purchase by Wall Street veteran William Lappas, who founded Woodbridge in 2002 and serves as its managing director. Ryan Rogers and Christopher Weber, additional managing partners of RHW, were also partners in the deal.
"The nature of the Solano deal having both retail and storage made it more difficult for other acquisition groups to purchase the property. Because our equity sources are private, we were able to have more flexibility in putting this deal together," Lappas said. The joint venture has already acquired a number of properties and is looking to purchase many more in the next few months, he added. "We can also help ownership groups that want to buy select partners out yet still have others that stay involved."
The seller was represented in the transaction by Tom de Jong of Colliers International. Headquartered in San Jose, Calif., de Jong is the North California broker affiliate of the Argus Self Storage Sales Network.
Woodbridge is a private equity firm and the general partner to The Axios Fund LP. The company provides equity and debt for private companies. It is also involved in asset management, hedge funds and venture capital.