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80,000-SF Facility Gets Construction Loan

THOUSAND OAKS, CA-Project was approved a year ago, but BTE Investment Group delayed construction till it found a suitable partner in developer of StorQuest Self-Storage brand.

By John McCloud | Updated on April 23, 2009

THOUSAND OAKS, CA-A joint venture of the locally based BTE Investment Group and Santa Monica, CA-based William Warren Group received $6.3 million in financing for construction of a $9 million, class-A self-storage facility in this San Fernando Valley city. The partnership plans to break ground on the five-story, 80,000-square-foot project in coming weeks.

The project, which will have 800 climate-controlled storage units, was announced a year ago, with completion anticipated for early this year. But BTE principal Chris Itule says the search for a suitable development partner delayed the launch. “We wanted to work with an experienced operator,” he tells GlobeSt.com. “Working with the city to get the entitlement took a long time. Then it’s just been time consuming to find the right partner. But now that we found that, everything is ready to go.”

The property, which is located at 1000 Skyline Dr., will be branded under Warren Group’s StorQuest Self Storage trademark. The company operates a portfolio of more than 30 StorQuest properties in Arizona, California, Colorado and Hawaii. It intends to grow the number of storage locations by expanding within each of the major metropolitan areas of the western US.

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