At a glance
- The contribution grew the William Warren Group Self Storage Income Fund, L.P. from eight assets to 17 and lifted gross asset value to $196 million.
- For limited partners already in the fund, the price set on each contributed property is what sets their dilution, not the $110.9 million total — which makes the per-asset valuations the term to check when the fund next marks its units.
- Connect CRE reported the transaction was financed in part by a new $200 million credit facility from Wells Fargo.
William Warren Group contributed nine operating StorQuest Self Storage facilities to its self-storage income fund for $110.9 million, the Santa Monica company said Wednesday.
The contribution grew the William Warren Group Self Storage Income Fund, L.P. from eight assets to 17 and lifted gross asset value to $196 million. The nine properties add roughly 410,000 rentable square feet in San Rafael, Oakland, West Los Angeles, West Sacramento, Bakersfield, Palm Springs, Sun City, Ariz., Reno, Nev., and Hilo, Hawaii. The fund now spans six states with more than 845,000 square feet and 9,100 units.
Investors in the contributed properties rolled approximately 80% of their equity into fund units through a tax-deferred Section 721 exchange. For limited partners already in the fund, the price set on each contributed property is what sets their dilution, not the $110.9 million total — which makes the per-asset valuations the term to check when the fund next marks its units.
Connect CRE reported the transaction was financed in part by a new $200 million credit facility from Wells Fargo. "This fund contribution reflects the strength of our strategy, our operating platform and the self-storage sector," chief executive Bill Hobin said in the report.
This fund contribution reflects the strength of our strategy, our operating platform and the self-storage sector.Bill Hobin, chief executive of William Warren Group
Reported by the Fundraising desk from Connect CRE. Published . Corrections