The FBI raid of Texas real estate investor Nate Paul:
, which described how Paul had snapped up commercial real estate in Austin, including valuable downtown locations and 3M’s 158-acre campus, and built a large self-storage company with 60 or so sites across the nation. In certain deals, Paul had the financial backing of prominent investors, like private equity billionaire Robert Smith, the Austin Police Retirement System and a real estate debt fund managed by Ares. had previously estimated that World Class owned $1.
In recent months, Paul has had to deal with some other litigation. A family trust that had invested $1.5 million in a World Class property in Dallas claimed earlier this year that the trust never received its share of the proceeds after the building was sold without the trust’s knowledge. The lawsuit was dismissed last month. Paul has also been locked in litigation with One Group Hospitality, which was supposed to open an STK restaurant at a World Class building in Austin.
In March, Princeton Capital Group, which is based in North Andover, Massachusetts, sued Paul for $7.3 million, claiming Paul’s Great Value storage operation had defaulted on notes it sold to Princeton Capital’s predecessor firm starting in 2012. The lawsuit is still pending. In December, a charitable group, The Mitte Foundation, sued World Class claiming it was being kept in the dark about the financial performance of its World Class investment in an Austin property.
Paul was also sued by two New York-based investment entities, RB Manhattan Place and North Oaks, that claimed Paul failed to make good on commitments he made related to $4 million the entities invested in some World Class properties, including his guarantee to buy out the investors by August 2017. A New York judge kicked the case to arbitration and the dispute was settled.
Paul seems to have struggled with some aspects of his business in 2019. The real estate fund managed by Ares that previously loaned significant funds to World Class no longer has a business relationship with Paul’s firm.
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