Variant Commercial Real Estate Continues Its Growth With Acquisition of Texas Self-Storage Facility, Bringing Their Self-Storage Holdings to Almost 400,000 Square Feet

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.

The acquisition brings VCRE's total self-storage holdings to almost 400,000 square feet. Visit www.vcre.com to learn more or follow us on Twitter (http://twitter.com/VariantCRE).

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.