World Class Capital Group Buys 4 Self-Storage Properties in IL, NY

Real estate investment firm World Class Capital Group LLC (WCCG) recently purchased two separate self-storage portfolios containing two properties each in Illinois and New York from Prime Equities LLC, a real estate developer. The acquisition includes AAA Storage facilities in Champaign and Urbana, Ill., and Ace Self Storage properties in Hyde Park and Newburgh, N.Y. The facilities will be rebranded and managed by Great Value Storage, WCCG’s storage-management platform.

Real estate investment firm World Class Capital Group LLC (WCCG) recently purchased two separate self-storage portfolios containing two properties each in Illinois and New York from Prime Equities LLC, a real estate developer. The acquisition includes AAA Storage facilities in Champaign and Urbana, Ill., and Ace Self Storage properties in Hyde Park and Newburgh, N.Y. The facilities will be rebranded and managed by Great Value Storage, WCCG’s storage-management platform.

The Ace facilities at 1594 Route 9G in Hyde Park and 735 and 765 S. St. in Newburgh encompass 95,878 rentable square feet of storage space in 630 units. The Hyde Park property includes eight buildings, a standalone management office and 12 vehicle-parking spaces. The facility is near Deer Hill Road and Partridge Hill in a residential community between Albany and New York City. The Newburgh facility contains two self-storage buildings and one warehouse that’s leased to three commercial tenants. The property is just south of Interstate 84 in a community on the Hudson River and 60 miles north of New York City. WCCG plans to expand both facilities, which are the company’s first in the state.

“We are pleased to have entered the New York market in our national self-storage expansion. This strategic acquisition is the first of the firm’s large expansion effort throughout the state of New York,” said Sheena Paul, chief operating officer for WCCG.

Barbara Guffey, a director for HFF (Holliday Fenoglio Fowler LP) represented the seller, Real Estate Technology Corp., a Naples, Fla.-based limited-liability company, in the sale of the Ace portfolio. “The portfolio appealed to the buyer since it was stabilized with a strong cash-flow stream and offered expansion opportunities at both locations,” Guffey said.

Great Value Storage was recently identified as one of eight independent self-storage operators expected to grow significantly in 2015 by SpareFoot, an online marketplace for self-storage consumers. The company’s portfolio currently consists of 50 facilities nationwide, with more than 25,000 self-storage units and 3.4 million square feet of storage space.

“We will continue to acquire portfolios and single self-storage assets throughout the country. Additionally, we are expanding through ground-up development in select markets as well,” Paul said.

WCCG is a national real estate investment firm focused on acquiring, developing and managing real estate. Its portfolio includes investments in industrial, multi-family, land, office, retail and self-storage. The company is headquartered in Austin, Texas, and has an office in New York City.

Great Value Storage operates facilities in Illinois, Indiana, Missouri, Nevada, New York, Ohio, Tennessee and Texas.

HFF and HFF Securities LP are owned by HFF Inc. The firm operates out of 22 offices nationwide.

Sources:

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish