GVS auction ends with $588.25 million winning bid from stalking horse

By Sarah Lizee

Olympia, Wash., March 11 – GVS Texas Holdings I, LLC named stalking horse bidder CBRE WWG Storage Partners JV III, LLC the winning bidder for substantially all of its assets following an auction, according to a notice filed Thursday with the U.S. Bankruptcy Court for the Northern District of Texas.

CBRE WWG’s successful bid was for $588.25 million, up from the original stalking horse purchase price of $450 million.

A sale hearing will take place on March 16. The company is hoping to close the sale by May 15.

GVS Texas is an indirect subsidiary of GVS Portfolio I B, LLC, which does business as Great Value Storage, an Austin, Tex.-based storage chain. GVS Texas Holdings I filed bankruptcy on June 17, 2021 under Chapter 11 case number 21-31121.

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