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.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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