LA JOLLA, Calif., April 18, 2013 /PRNewswire/ – Private real estate investment firm Variant Commercial Real Estate, L.L.C. (Variant) is pleased to announce the purchase of a bank-owned self-storage property in Pasadena, TX. The purchase was brokered by Barbara Guffey at HFF.
The facility is made up of 759 climate and non-climate controlled units totaling over 90,000 rentable square feet. Variant will be utilizing Morningstar as new management for the facility; Morningstar has a proven track record of over 30 years in business.
This purchase fits perfectly into Variant's acquisition strategy. The self-storage property is a great value-add play in a strong submarket with lots of upside. The company has plans to recapitalize the asset by adding a new front office and bringing the down units back online, resulting in increased visibility and occupancy.
About Variant Commercial Real Estate
Variant Commercial Real Estate, L.L.C. (Variant), with offices in Tucson, La Jolla, Los Angeles, Phoenix, Dallas, Portland, and New York City, focuses on opportunistic commercial acquisitions in multifamily, self-storage, hospitality assets, and office, obtaining value through strategic capital improvements and enhancing property operations. The growth of Variant's portfolio is built around maintaining disciplined investment parameters while diversifying in target markets across the Sun Belt region and into the Northwest. With the company's expertise and integrated business model, Variant anticipates closing $500 million in new acquisitions over the next two years.
|For more information, please contact:|
|Matt Hawkins||Cash Doye|
|President||Capital Markets Director|
|Variant Commercial Real Estate||Variant Commercial Real Estate|
|Dallas Corporate Office||La Jolla Corporate Office|
|2828 Routh Street, Suite 500||7590 Fay Avenue, Suite 401|
|Dallas Texas 75201||La Jolla, CA 92037|
|Variant Commercial Real Estate|
|Tucson Corporate Office|
|3915 E. Broadway Boulevard, Suite 400|
|Tucson, AZ 85711|