Rosewood Property Co. (RPC), a Dallas-based real estate firm, has purchased a StorQuest Self Storage facility in Los Angeles. The company plans to maintain the existing management platform and brand name, according to a press release from Cushman & Wakefield (C&W), the real estate firm that brokered the transaction.
The property at 2222 N. Figueroa St. is at the intersection of Interstate 5 and Interstate 110, about a mile from downtown. It comprises 52,000 square feet of storage space.
"Because of the project’s highly visible location in one of the most sought-after markets in the country, we were able to drive interest from a wide variety of buyer pools,” said Greg Wells, director of the C&W Self Storage Practice Group, who represented the seller in the transaction. "We received interest from all investor types including the [real estate investment trusts], institutional and private-equity players as well as 1031-exchange buyers. The market remains very active for assets in quality, densely populated trade areas.”
RPC is a subsidiary of The Rosewood Corp., a private investment concern owned by the Caroline Hunt Trust Estate. Its portfolio includes 26 storage facilities in eight states totaling nearly 2 million square feet.
StorQuest is the operating brand for The William Warren Group (WWG), a privately held real estate company. Founded in 1994 and based in Santa Monica, Calif., WWG acquires, develops and operates more than 100 self storage facilities in Arizona, California, Colorado, Florida, Hawaii, South Carolina and Texas.
About Cushman & Wakefield
Founded in 1917, Cushman & Wakefield offers a complete range of services for all property types including consulting and appraisal, corporate services, debt and equity financing, investment banking, leasing, and sales and acquisitions. Its Self Storage Practice Group is dedicated to the self storage asset class. The group offers consulting, data services, feasibility, investment advisory and valuation in major markets.