February 3, 2023

1 Min Read
Wentworth Property Co. Relinquishes 18-Property Self-Storage Portfolio for $266M

Wentworth Property Co. LLC has sold an 18-property self-storage portfolio it owned in a joint venture with an institutional equity investor for $266.2 million to Related Cos., a New York-based investment-management company. The facilities comprise approximately 1.3 million rentable square feet in 9,600 units across five states, according to a source.

The off-market transaction included six properties in Greater Phoenix, four in the Dallas metropolitan area, three in Salt Lake City, two each in Denver and El Paso, Texas, and one in Boise, Idaho. The deal was facilitated by the self-storage division of Colliers International, with Tom Gustafson, national director, procuring the buyer.

The Colliers team of Alix Hanna, financial analyst, and John Smeck, senior vice president, worked with Lucas Blumenfeld, John Caraviello, Grant Frankel and Adam Licari of Eastdil Secured, a New York-based global real estate investment bank, to arrange $160 million in nonrecourse, fixed-rate financing for Related, a source reported.

Based in Phoenix, Wentworth is a commercial real estate company that specializes in acquisitions, development and management, with interests in industrial, office, retail and self-storage properties. The company has been involved in more than 8 million square feet of acquisitions and developments. It launched its self-storage division in 2015.

Related’s global real estate portfolio is valued at more than $60 billion, according to its website. Its interests include city-center, hospitality, office, residential and retail properties.

Multi-Housing News, Related Pays $267M for Self Storage Portfolio
REBusiness Online, Wentworth Property Sells 18-Property Self-Storage Portfolio for $266.2M

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