THE WILLIAM WARREN GROUP ACQUIRES FOUR
TEXAS SELF STORAGE PROPERTIES FOR $27.9M
WWG targets areas experiencing an economic boom to expand the StorQuest brand
Santa Monica, Calif. – December 17, 2014 - The William Warren Group (WWG), a privately held, Santa Monica, Calif.-based self storage development and operating company, is announcing the addition of four key properties in Texas for approximately $27.9 million as part of its value-added growth strategy. The facilities consist of a total of 2,257 units with 349,169 RSF.
“Adding these assets to our existing portfolio in Texas positions the company to achieve greater operating economies of scale and capitalize on the economic boom created by robust job and population growth in the state,” said Bill Hobin, president & CEO of WWG. “The value of self storage is particularly high in areas that are going through, or are expecting, a sharp increase in population growth. We believe that the success of the local Texas economy combined with the value-added nature of these assets will allow WWG to unlock currently unrealized value in the properties.”
Now, with the additional facilities added to the platform, WWG, which owns and operates the StorQuest Self Storage brand, has 112 locations in the company’s operating portfolio, 75 of which are branded as StorQuest.
“These new locations are an ideal fit for our growing portfolio. Implementing WWG’s professionally managed digital marketing and revenue management programs will systematically improve net operating income levels, achieve greater occupancy levels and create increased value for our investors,” said Hobin.
Properties:
Brazos Storage & Retail: 210 Gonyo Lane, Richmond, Texas 77469
The property operates a total of 364 self storage units yielding 94,893 RSF. It is located in Fort Bend County, six miles southwest of Sugar Land and offers climate controlled units, retail units as well as boat and RV storage.
Gosling Road Self Storage: 23103 Gosling Road, Spring, Texas 77389
Situated in an affluent and high-growth area northwest of Houston, the facility spans 85,400 RSF and offers 654 units.
New Territory Self Storage: 420 Sartartia Road, Sugar Land, Texas 77479
Located southwest of the Houston metro area, the property is 79,726 RSF comprised of 564 units offering climate control and enclosed boat and RV storage.
Plum Creek Self Storage: 5500 FM 2770, Kyle, Texas 78640 Housing 675 units on a total of 89,150 RSF, the asset sits 20miles southwest of downtown Austin in the city of Kyle.
About The William Warren Group & StorQuest Self Storage
The William Warren Group, Inc. (WWG) is a privately held, fully integrated, entrepreneurial real estate company that develops, acquires and operates self storage assets in major metro markets in the US. For the past 20 years, the Santa Monica, Calif., company has taken a long term perspective by focusing on assets that offer growing cash flow and capital appreciation opportunities. To learn more about The William Warren Group and its proprietary brand of StorQuest Self Storage visit: www.williamwarren.com and www.storquest.com.