World Class Capital Group LLC (WCCG), an Austin, Texas-based real estate investment firm, has acquired Nellis Self Storage in Las Vegas from a Missouri-based private investor. The property comprises 131,000 square feet of storage space in 696 units and will be rebranded as Great Value Storage. Financial terms were not disclosed.
The purchase follows the acquisition of two larger portfolios late last year, which added more than 11,000 units to the companys growing portfolio. In August, WCCG bought a 12-property portfolio from real estate investment trust (REIT) Sovran Self Storage Inc. comprising nearly 1 million square feet. In November, the company acquired an eight-property portfolio in Ohio consisting of approximately 450,000 square feet from CubeSmart, another national REIT.
This opportunistic single-asset acquisition allows us to enter the Las Vegas market, a market where we plan to expand and grow our national self-storage platform, said Nate Paul, president and CEO. We plan to make immediate capital improvements to renovate the Nellis facility and will implement our operating best practices.
WCCG pursues investments in all U.S. markets, primarily focusing on real estate and private equity. In addition to self-storage, the firms portfolio includes office, retail, industrial, multi-family and land. Great Value Storage currently operates 33 self-storage facilities comprising more than 17,000 units and 2 million square feet.