World Class Capital Group LLC (WCCG), an Austin, Texas-based private investment and asset management firm, has acquired a $12.5 million, eight-property self-storage portfolio in Ohio from CubeSmart, a publicly traded self-storage real estate investment trust (REIT). The portfolio includes more than 3,400 units comprising approximately 442,000 square feet.
The facilities will be rebranded as Great Value Storage and are primarily in the Dayton and Cincinnati, Ohio, markets. The purchase is the second large transaction the company has completed this year. In August, WCCG acquired 12 properties comprising nearly 1 million square feet from Sovran Self Storage, a publicly traded REIT that operates under the Uncle Bob’s Self Storage brand.
“We are excited about our expansion into these key Ohio markets,” said Nate Paul, WCCG president. “This acquisition fits our investment strategy of acquiring value-add self-storage assets to operate under our Great Value Storage brand. We look forward to continuing to grow our national presence in the asset class.”
An investment sales team from HFF (Holliday Fenoglio Fowler LP) represented WCCG in the transaction. The team was led by director Christopher Vittetoe and real estate analyst Benjamin Gallant. HFF arranged a 10-year, fixed-rate loan through Deutsche Bank Securities Inc.
WCCG pursues investments in all U.S. markets, primarily focusing on real estate and private equity. In addition to self-storage, the firm’s portfolio includes office, retail, industrial, multi-family and land. Great Value Storage currently operates 31 self-storage facilities comprising more than 14,000 units and 2 million square feet.
HFF is a provider of commercial real estate and capital-markets services, operating out of 21 offices nationwide. The company and its affiliate, HFF Securities LP, are owned by HFF Inc. Together they offer debt placement, investment sales, advisory services, structured finance, private equity, loan sales, and commercial loan servicing.