THE WILLIAM WARREN GROUP FURTHER EXPANDS IN FLORIDA WITH $7.3M SELF STORAGE ACQUISITION
WWG grows Florida portfolio with Tallahassee property
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 acquisition of a new Florida property for approximately $7.3 million as part of its value-added growth strategy. The facility consists of a total of 76,508 RSF across 620 units.
“Because of increasing baby boomer migration trends into southern states, Florida is most definitely a region we want to further tap into,” said Bill Hobin, president & CEO of WWG. “This specific property is in an area that is experiencing new residential and commercial growth. As a result, demand for self storage shall remain very high. We believe that the success of the local economy combined with the value-added nature of this asset will allow WWG to unlock currently unrealized value in the property and provide for the continued growth of the StorQuest Self Storage brand.”
With this new facility incorporated into the platform, WWG, which owns and operates the StorQuest Self Storage brand, now has 112 locations in the company’s operating portfolio, 75 of which are branded as StorQuest Self Storage.
“This new institutional-quality location offers favorable fundamentals and valuations. It has the potential to increase revenue significantly over the first few years due to recently added space that is still in the absorption phase. 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.
Storage Center at Southwood: 2401 Barcelona Lane, Tallahassee, Florida 32311
The two-story 76,508 RSF 620-unit facility is located in Tallahassee approximately six miles south of downtown Tallahassee. It includes 571 climate-controlled units and 47 have drive-up access. 2
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.