The William Warren Group Grows StorQuest Portfolio

Last year, Bank of Stockton originated a $7 million loan for the purchase and conversion of the 1946-built warehouse.
1324 Coldwell Ave. Image courtesy of The William Warren Group

The William Warren Group has opened a new StorQuest facility encompassing 103,000 rentable square feet in an opportunity zone in Modesto, Calif. The Grupe Cos. owns the self storage property.

The single-story building was an industrial warehouse originally completed in 1946. The owner acquired the property for $4.3 million from Centerra Capital in June 2019, according to public records. Bank of Stockton provided a $7 million acquisition and development loan for the adaptive reuse project, Yardi Matrix data shows.

Located on 5 acres at 1324 Coldwell Ave., the fully climate-controlled property was delivered earlier this year and provides units with sizes between 25 and 390 square feet. The facility has an on-site manager, security cameras, moving supplies and both auto and RV parking.

The site is across the street from Modesto Junior College and 1.5 miles from downtown Modesto. Additionally, there are at least 12 other self storage properties encompassing 827,000 square feet within a 3-mile radius, according to Yardi Matrix data.

Earlier this month, the company debuted a 114,000-square-foot facility in Fresno, Calif. Lance Kashian & Co. owns the property and funded the construction with a $4.2 million loan from U.S. Bank.