William Warren Group pays $70M for self-storage sites
Locations in Woodland Hills and Diamond Bar carry the Storage, Etc. brand
Investment firm William Warren Group bought a pair of self-storage facilities in Woodland Hills and Diamond Bar for a total of $69.6 million.
William Warren, a Santa Monica-based firm that focuses on self-storage acquisitions, bought the properties, located at 6030 Canoga Avenue and 21320 Golden Springs Drive, in two separate transactions, according to documents filed with Los Angeles County.
The Canoga Avenue property, which sits just a few blocks from Warner Center Park and Pierce College, contains a 107,000-square-foot commercial building, city records show. The asset accounted for the bulk of the acquisition price, selling for $52.5 million.
William Warren acquired the Canoga Avenue asset through a joint venture with CBRE Investment Management. The firms funded the purchase with a $114 million mortgage from PGIM Real Estate. Larissa Belova, a portfolio manager with CBRE, was the signatory for the loan documents.
The Golden Springs Drive parcel contains five low-rise structures totaling 18,000 square feet that sit just off the Pomona Freeway, city records show. The asset changed hands in a $17 million deal.
The seller for both properties is Storage, Etc., which operated the facilities under a self-storage brand of the same name.
William Warren recently partnered with CBRE on a $588 million self-storage acquisition. That deal included 64 properties in Texas, New York, Nevada, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee and Indiana. The portfolio, which amounts to 4.1 million rentable square feet, was previously owned by Austin developer Nate Paul.
William Warren operates the StorQuest self-storage brand. The firm operates more than 280 locations across the U.S. with 84 in California. The firm did not respond to a request for comment.