Update 12/12/13 The William Warren Group (WWG) has formally announced its first StorQuest Self Storage Florida acquisition. The 66,744-square-foot facility at 2830 Manatee Ave. E. in Bradenton was purchased last month through an affiliate of WWG. It was under WWG management.
The William Warren Group has many facilities on our management platform, and we always hope it will one day turn into a purchase opportunity to help expand the StorQuest brand, said Bill Hobin, president and CEO.
In April, WWG acquired a management portfolio of 18 locations in Florida and South Carolina. The company previously said the expansion included 23 properties. The Two Rivers facility in Bradenton was selected to become the first StorQuest Florida location. The company is actively working with other property owners to rebrand their facilities as StorQuest, officials said in a press release.
Were excited about expanding the brand from a regional to a national focus, said Tim Hobin, senior vice president. The Two Rivers property was a perfect fit for our first East Coast acquisition due to its high-quality of construction, high-traffic location and excellent demographics.
11/13/13 The William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, has expanded its self-storage footprint in Florida. 2830 Manatee SP LLC, a company connected to principals at WWG, reportedly purchased a storage facility in Bradenton, Fla., for $4.2 million.
WWG announced in April it was expanding its operation to the Southeast, adding 23 storage properties in Florida and South Carolina and opening a regional office in Tampa, Fla. However, the only Florida property currently listed on StorQuests website is the Bradenton location at 2830 Manatee Ave. E.
The purchasing company, which carries the locations address in its name, is managed by WWG principals Tim Hobin, William Hobin and Clark Porter, according to CorporationWiki.com. William Hobin is president and CEO of WWG. Porter is WWGs senior vice president and chief financial officer, and Tim Hobin is a senior vice president.
The property was previously listed with an address at 524 29th St E., which is on the east side of the site running perpendicular to Manatee Avenue. Built in 2003, the self-storage facility comprises 79,262 square feet on 4.4 acres. 2830 Manatee SP acquired the property from Two Rivers Development Corp. using a $3 million mortgage from Bank of America, according to the source.
Based in Santa Monica, Calif., WWG develops, acquires and operates self-storage assets in major U.S. metropolitan markets. Up to now, its portfolio was concentrated primarily in California, with additional properties in Arizona, Colorado and Hawaii. The companys long-term perspective for growing the StorQuest brand focuses on assets that offer growing cash flow and capital-appreciation opportunities.