The William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, has formally announced the purchase of three storage properties in Arizona and one in Colorado for $17.7 million. All four facilities will be rebranded as StorQuest. The transactions were part of a larger 15-property acquisition in Arizona, Colorado, California and Texas, company officials said in a press release.
The three Arizona properties were purchased for $10.8 million and comprise 175,660 rentable square feet in 1,660 units. The properties are:
- Arizona Rent-A-Storage, 9240 N. 67th Ave., in Glendale, Ariz. (75,100 rentable square feet in 682 units)
- Midvale Valencia Self Storage, 6400 S. Commerce Court, in Tucson, Ariz. (54,785 rentable square feet in 451 units)
- Watchful Eye Self Storage, 10461 E. Apache Trail, Apache Junction, Ariz. (48,975 rentable square feet in 375 units, 60 vehicle spaces and a cell tower)
“We are thrilled to continue to grow our Arizona footprint,” said Bill Hobin, president and CEO. “These three properties provide a tremendous value-add opportunity and an ability to capitalize on Arizona’s economic rebound.”
The Colorado property at 530 Stacy Court in Lafayette was purchased from A-1 Self Storage for $6.9 million. The facility comprises 72,312 rentable square feet in 551 units. It has been under WWG management since September 2011 and will be StorQuest’s eighth branded facility in the greater Denver area.
“This asset provides a tremendous opportunity to capitalize on the continued growth of the StorQuest Self Storage brand and the Colorado storage market,” Hobin said.
Based in Santa Monica, Calif., WWG develops, acquires and operates self-storage assets in major U.S. metropolitan markets. Until recently, its portfolio was concentrated primarily in California, with additional properties in Arizona, Colorado and Hawaii. The company now has 96 facilities in its operating portfolio, 57 of which are branded as StorQuest.