The William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, has purchased six Colorado facilities consisting of 353,902 net rentable square feet of storage space and nearly 2,700 units for $33 million. The properties, which WWG had managed since September 2011, will be rebranded under the StorQuest name. The company now operates 14 sites in the greater Denver area and has 102 locations in its portfolio.
“We believe there is a significant opportunity within the Denver market, as demand remains high and supply remains tight,” said Bill Hobin, president and CEO. “Although the properties have been performing well since we started managing them, we feel the assets have room to grow.”
The properties are:
- StorQuest Clock Tower, 16400 E. Colfax, Aurora—Opened in 2003, the facility encompasses 70,537 rentable square feet in 533 units. It’s 15 miles east of downtown Denver.
- StorQuest Highlands Ranch, 745 Monument Drive, Highland Ranch—The single-story facility opened in 1998 and includes 62,120 rentable square feet and 467 units. It’s 18 miles south of downtown Denver.
- StorQuest Louisville, 1200 Lock St., Louisville—Opened in 1996, the single-story facility is 6 miles east of Boulder and 25 miles northwest of downtown Denver. It comprises 56,535 rentable square feet in 522 units.
- StorQuest Manitou Springs, 125 Higginbotham Road, Manitou Springs—The facility overlooks Midland Expressway in West Colorado Springs. Opened in 2000, it includes 39,950 rentable square feet and 313 units.
- StorQuest Pony Express, 18455 Pony Express Drive, Parker—The single-story property encompasses 53,550 rentable square feet and has 402 units. It opened in 1999 and is 20 miles southeast of downtown Denver.
- StorQuest Twenty Mile, 18601 Longs Way, Parker—Opened in 1997, the single-storage facility is 20 miles southeast of downtown Denver. It includes 71,210 rentable square feet and 455 units.
“These assets provide an ability to capitalize on the continued economic growth as well as the growth of the StorQuest Self Storage brand in Colorado,” Hobin said.
In February, WWG purchased a facility in Lafayette, Colo., as part of a larger transaction that also included three Arizona properties. The Colorado property at 530 Stacy Court was purchased from A-1 Self Storage for $6.9 million. The facility comprises 72,312 rentable square feet in 551 units. It had also been managed by WWG prior to the acquisition.
Founded in 1994 and based in Santa Monica, Calif., WWG is a privately held real estate company that develops, acquires and operates self-storage facilities in Arizona, California, Colorado, Florida, Hawaii, South Carolina and Texas.