The William Warren Group, operating under the StorQuest Self Storage brand, has acquired a 66,273-rentable-square-foot facility in Venice, Fla. A local private investor sold the property for $8.7 million, Yardi Matrix shows. The new owner financed the purchase with a $6 million loan provided by Skymar Capital Corp. The note matures in 2025.
Located on 4 acres at 5115 Englewood Road, the property comprises three buildings completed in 2019. Originally named Storage Venice, the facility has been rebranded as StorQuest, and has drive-up access to climate-controlled units ranging in size from 25 to 360 square feet. The property has an on-site manager, security cameras, truck rentals and parking for cars and RVs. The site is roughly 7 miles from downtown Venice and 5 miles from Venice Municipal Airport.
This is not the first time Skymar Capital has partnered with William Warren to provide acquisition financing. In April, the lender provided $6.5 million for the acquisition of an 83,710-square-foot self storage facility in downtown Phoenix. Hibernia Capital Advisors sold the property for $11.9 million.