CBRE Global Investors Pays $54M for National Storage Portfolio

20825 W. McDowell Road. Image courtesy of CBRE Global Investors

A joint venture between CBRE Global Investors and The William Warren Group has purchased a four-property self storage portfolio spanning 232,536 square feet across 2,165 units in Arizona, Florida and New York. The assets sold for a total of $53.5 million, according to public records. All facilities are climate-controlled and will operate under the StorQuest brand.

The transaction included two assets in Arizona. The first facility, completed in 2018, is located at 20825 W. McDowell Road in Buckeye and encompasses 60,625 square feet across 524 units. Built in 2019 and located at 4700 S. Val Vista Drive in Gilbert, the second property includes 477 units totaling 59,757 square feet. Hines Developments sold the Gilbert property, according to Yardi Matrix data.

The Florida facility has 610 units and totals 64,823 square feet. Located at 39016 US Highway 19 N. in Tarpon Springs, the property opened its doors in April 2020. NitNeil Partners sold the asset, according to the same data provider.

The New York property is located at 588 N. State Road in Briarcliff Manor. The facility was delivered in two phases between 1995 and 1998 and has 554 units spanning 50,513 square feet. Good Friend Management sold the asset, Yardi Matrix data shows.

Last November, The William Warren Group opened a 51,787-square-foot facility in Sacramento, Calif. In May 2019, the company received a $5.1 million loan from Tri Counties Bank for the project.