First institutional grade specialized storage platform focused on the growing needs of the recreational and marine storage industry
DALLAS–(BUSINESS WIRE)–Recreational Realty LLC (“Company”), a leading owner, operator and developer of specialized recreational vehicle and marine storage facilities, announced a joint venture of the Company led by funds affiliated with Centerbridge Partners, L.P. (“Centerbridge”), and entities affiliated with WOJO Capital Partners, LLC (“WOJO”).
Recreational Realty is the first institutional grade specialized storage company focused on serving the growing storage needs for recreational and marine vehicles. “Over the past several years, we have seen a steadily increasing growth trend, accelerated by the COVID pandemic and the acceptance of a permanent ‘work from anywhere’ lifestyle, which has led to record breaking RV and boat sales,” said Gary Wojtaszek, Founder and CEO of Recreational Realty. “Our goal is to become the leading owner, operator and developer of high-quality, purpose-built recreational storage facilities, and the partnership with Centerbridge will accelerate our growth across the country as we build a national platform.”
“Centerbridge is excited to be partnering with WOJO and the team at Recreational Realty. The RV and boat storage business falls squarely within our investment themes, focused on the convergence of increasing experiential leisure trends driving an additional need for storage. Gary is an exceptional business leader and we look forward to working alongside him and the Recreational Realty team to help them build another successful real estate company,” said William Rahm, Senior Managing Director and Global Head of Real Estate at Centerbridge. Matt Dabrowski, Managing Director at Centerbridge, added, “Recreational Realty has a compelling business model and a clear path to thrive in a growing industry. There is a tremendous need for secure and professionally managed storage options for recreational vehicles and boats. The Company’s product and value proposition is well positioned to address this demand.”
HaynesBoone acted as legal counsel to WOJO and the Company. Simpson Thatcher acted as legal counsel to Centerbridge.
About Recreational Realty
Recreational Realty acquires, builds and manages specialized RV and Boat storage facilities across the United States. The company was founded to meet the burgeoning storage requirements of the owners of recreational and marine vehicles. The company caters to the needs of the outdoor enthusiast by providing highly secure and professionally maintained facilities that provide superior customer service. www.recreational-realty.com
About Centerbridge
Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines —from private equity to credit and related strategies, and real estate— in an effort to find the most attractive opportunities for our investors and business partners. The firm was founded in 2005 and as of September 30, 2021 has approximately $32 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies to help companies achieve their operating and financial objectives. For more information, please visit www.centerbridge.com.
About WOJO Capital Partners
WOJO Capital Partners was founded by Gary Wojtaszek to make investments in fast-growing real estate assets that have the potential to become large-scaled platforms with attractive returns and long term defensibility characteristics. Gary was previously the CEO of CyrusOne, which he grew from a small, private, regional data center company based in Cincinnati, Ohio to become one of the largest publicly traded REITs in the US with a global presence across the US, Europe, Asia and Latin America. He has a compelling track record of value creation, scaling CyrusOne from a $525 million investment, which was recently acquired by KKR for $15 billion. He has been involved in over $30 billion of capital market transactions over his career and has extensive international experience.
Contacts
Stefan Woortmenker
stefanwm@recreational-realty.com
