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CBRE IM Fund Acquires 64-Asset Self-Storage Portfolio
A fund sponsored by CBRE Investment Management (CBRE IM) has acquired a portfolio of 64 self-storage assets in 10 states across the U.S. The seller was Nate Paul’s World Class Holdings, which traded the 28,601-unit portfolio to the CBRE IM Fund and facility operator William Warren Group/StorQuest for $588 million.
The self-storage assets, which will operate under the StorQuest brand, are primarily single-story drive-up units in key markets across Texas, Ohio, New York, Illinois, Colorado, Nevada, Mississippi, Tennessee, Indiana and Missouri. The portfolio is currently 82% leased.
“We expect these assets to add significant value to our investment stack given the high demand for self-storage facilities across multiple markets and end-users amid the pandemic,” said Justin Shanahan, deputy portfolio manager for New York City-based CBRE IM. “This specific portfolio offered a unique opportunity to acquire a diverse collection of facilities in various states that have strong population demographics.”
- ◦Sale/Acquisition
