Nate Paul's World Class Sells 64-Property Self-Storage Portfolio Across 10 States for $588 Million

Rhea-AI Summary

Nate Paul's World Class Holdings has sold a 64-property self-storage portfolio to CBRE and William Warren Group for $588 million. Spanning over 4.1 million rentable square feet across 10 states including Texas and Ohio, this transaction marks one of the largest private deals in the self-storage sector. The facilities were previously managed by Great Value Storage and do not include properties in California. World Class intends to continue investing in the self-storage sector with over 2 million square feet of developments underway.

Positive

• Transaction valued at $588 million, one of the largest in self-storage sector.
• Portfolio consists of over 4.1 million rentable square feet across 10 states.

Negative

• None.

AUSTIN, Texas, March 23, 2022 /PRNewswire/ -- Nate Paul's World Class Holdings has sold a 64-property self-storage portfolio across 10 states to global real estate investment firm CBRE (NYSE: CBRE) and facility operator William Warren Group/StorQuest for $588 million.

The portfolio comprises over 4.1 million rentable square feet in Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York, and Nevada. The facilities were previously operated by Great Value Storage, Paul's operating platform. The sale did not include any of Paul's facilities in California and any of the firm's new self-storage developments and conversions nationally.

At nearly $600 million, the acquisition is among the largest-ever private transactions in the burgeoning self-storage sector, which has seen unprecedented growth since the onset of the pandemic.

Nate Paul, founder, chairman and CEO of World Class, began investing in self-storage in 2008, acquiring properties from private independent owners as well as from public REITs such as LifeStorage and Cubesmart. Since 2008, World Class has amassed one of the industry's largest privately owned self-storage portfolios.

"We have been long-term investors in self-storage since entering the industry nearly 15 years ago," Paul said. "The sale of this mature portfolio of assets to CBRE and William Warren Group presented us the opportunity to capitalize on that foresight, monetize our value-creation strategy, and achieve a highly favorable realization of our investment."

"We plan to continue to invest in the self-storage sector. As a firm, we have over 2 million square feet of new self-storage developments and conversions underway nationally," Paul said.

ABOUT WORLD CLASS HOLDINGS

World Class is a multi-billion dollar holding company that owns a diverse portfolio of assets and operating companies. We create, acquire, and operate businesses that benefit from our flexible capital, extensive global network, operational expertise, and long-term investment horizon. We implement a process-driven approach in pursuit of long-term value creation. To learn more about World Class, visit www.world-class.com.

Contact:
Debora Lima 
debora@senseiadvisory.com

View original content:https://www.prnewswire.com/news-releases/nate-pauls-world-class-sells-64-property-self-storage-portfolio-across-10-states-for-588-million-301509107.html

SOURCE World Class Holdings

FAQ

What is the value of the self-storage portfolio sold to CBRE?

The self-storage portfolio was sold for $588 million.

How many properties were involved in the CBRE acquisition?

The acquisition involved 64 properties.

In how many states is the self-storage portfolio located?

The portfolio spans across 10 states.

What are the future plans of World Class Holdings regarding self-storage?

World Class Holdings plans to continue investing in self-storage with over 2 million square feet of new developments underway.