An affiliated company of the William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, has acquired SoCal Self Storage in Loma Linda, Calif., for $2.55 million, according to a press release from Bancap Self Storage Group Inc., the commercial real estate firm that brokered the deal. The single-story property comprises more than 38,000 rentable square feet and is near a retail center on a major street.
The seller was a privately held limited liability company affiliated with Polo Properties and SoCal Self Storage in Newport Beach, Calif., Bancap officials said.
The facility also features a manager’s apartment, rental office, video cameras and visible signage. “This is a great smaller property located in a busy shopping center,” said Dean Keller, president of Bancap, who was the sole broker in the transaction. “Now is a good time for both self-storage buyers and sellers, as we are seeing historically high prices and low cost of funds in virtually all markets of California and nationwide.”
California-based Bancap has completed more than $1.25 billion in self-storage sales, including independently owned properties, mid-sized chains and portfolios.
Founded in 1994 and based in Santa Monica, Calif., WWG acquires, develops and operates more than 100 self-storage facilities in Arizona, California, Colorado, Florida, Hawaii, South Carolina and Texas.