William Warren Adds Nine Properties to Self-Storage Income Fund
William Warren Group (WWG), parent company of StorQuest Self Storage, said Wednesday the William Warren Group Self Storage Income Fund, L.P. has closed a $110.9-million contribution of nine operating StorQuest Self Storage facilities. The transaction more than doubles the fund, growing it from eight to 17 assets and to $196 million in gross asset value.
The contributed properties add roughly 410,000 rentable square feet in high-barrier West Coast and Sunbelt markets, including San Rafael, Oakland, West Los Angeles, West Sacramento, Bakersfield and Palm Springs; Sun City, AZ; Reno, NV; and Hilo, HI. The fund now spans six states, with more than 845,000 rentable square feet and 9,100 units.
Investors in the contributed properties rolled approximately 80% of their equity into fund units through a tax-deferred Section 721 exchange. The transaction was financed in part by a new $200-million credit facility from Wells Fargo.
“This fund contribution reflects the strength of our strategy, our operating platform and the self-storage sector,” said Bill Hobin, CEO of Santa Monica-based William Warren Group.
