World Class Holdings Sells 64-Property Self-Storage Portfolio for $588 Million

World Class Holdings, which owns a diverse portfolio of assets and operating companies, has sold a 64-property self-storage portfolio across 10 states for $588 million. The buyers are global real estate investment firm CBRE Group Inc. and William Warren Group, a privately held real estate company that operates the StorQuest Self Storage brand, according to a press release.

The portfolio comprises more than 4.1 million rentable square feet in Colorado, Illinois, Indiana, Mississippi, Missouri, Nevada, New York, Ohio, Tennessee and Texas. The facilities previously operated as Great Value Storage. The sale didn’t include the company’s properties in California or those under development, the release stated.

World Class was founded by Nate Paul, who began investing in self-storage in 2008. He acquired properties from independent owners and self-storage real estate investment trusts including CubeSmart and Life Storage Inc.

“We have been long-term investors in self-storage since entering the industry nearly 15 years ago,” said Paul, who serves as CEO and chairman. “The sale of this mature portfolio of assets to CBRE and William Warren Group presented us the opportunity to capitalize on that foresight, monetize our value-creation strategy, and achieve a highly favorable realization of our investment.”

Paul plans to continue investing in self-storage. “As a firm, we have over 2 million square feet of new self-storage developments and conversions underway nationally,” he said.

World Class is a multi-billion dollar holding company that acquires and operates in multiple asset in 17 states classes including hospitality, industrial, marinas, multi-family, office, retail and self-storage.

Source: PR Newswire, Nate Paul's World Class Sells 64-Property Self-Storage Portfolio Across 10 States for $588 Million