Westport Properties Inc. (WPI), which operates 85 self-storage facilities under the US Storage Centers brand, recently expanded its development and real estate teams. The reorganization includes the appointment of Drew Hoeven as president of real estate. He’ll be responsible for overseeing acquisitions on the East Coast as the company looks for opportunities to grow its footprint in the top U.S. metropolitan statistical areas, according to a press release. He’ll also seek development deals and assist with the strategic direction of the company.
“Drew has played an integral role in the growth of our company,” said Charles Byerly, president and CEO. “I’m confident that Drew will continue to build on the success he has achieved and continue to provide opportunities for our company to expand its footprint throughout the Eastern region of the country.”
Hoeven joined WPI in 2005 and most recently served as vice president of acquisitions. He’ll continue to serve as secretary for WPI and US Storage Centers and maintain his seat on the board of directors. He’s the son of company chairman Barry Hoeven.
“Our current acquisitions and development pipelines are robust, and I’m excited about the opportunity to expand our portfolio,” said Drew Hoeven, whose previous acquisitions are credited for more than doubling WPI’s footprint on the East Coast, according to the release.
WPI also hired three team members to lead its development team and added a financial analyst in its real estate department.
Joseph Capasso has joined the company as president of development, responsible for East Coast development opportunities and some national projects. He comes to WPI after stints with self-storage real estate investment trusts Extra Space Storage Inc. and Public Storage Inc. His experience includes overseeing entitlements and self-storage construction projects across the nation, the release stated.
David Kelly and James Preacher have been hired as development managers for the West Coast and East Coast, respectively. Kelly will oversee West Coast development projects with Jamie Alai, vice president of development. Kelly has several years of construction experience working for commercial and residential builders including Regency, Snyder Langston and Standard Pacific Homes.
Preacher will pursue development opportunities on the East Coast. He most recently worked as a consultant, sourcing and entitling self-storage sites for a variety of developers and operators in Florida. He also spent about four years as a development manager with Extra Space. He’s assisted in the development of more than 1 million square feet of self-storage in his career, according to the release.
Joel Smith has joined the company as a financial analyst responsible for due diligence, modeling and underwriting associated with new acquisitions. He comes to WPI from Pacific Southwest Realty Services, where he originated more than $3 million in commercial mortgages and helped close more than $350 million in transactions, the release stated.
“I’m excited about the expansion of our real estate team and the experience and skills that each of them bring to the company,” Byerly said. “Our tradition of hiring industry leaders with multi-disciplinary backgrounds has played a key role in our rapidly expanding company, and I’m confident that this team will exceed the goals of our long-term growth plan.”
Based in Irvine, Calif., WPI is a real estate investment company that acquires, develops and operates self-storage facilities as well as provides third-party management services. It’s affiliated with Westport Memphis Self Storage LLC. The company’s portfolio includes more than 6.5 million square feet of rentable storage space.