What are you doing with your RV in the offseason?

Thousands of recreational vehicle owners are on the road this summer. Gary Wojtaszek's new business is what happens to them when they return.

The real estate entrepreneur best known for building and selling a data center manufacturing company for about $15 billion this year has a new niche commercial real estate business. It focuses on storing recreational vehicles or vans when not in use. RV sales have skyrocketed during the pandemic as people opted for vacations that allowed social distancing.

Mr. Wojtaszek and his capital partner, private equity firm Centerbridge Partners LP, created RecNation RV & Boat Storage. The company owns 31 properties in Texas, Florida and Arizona, which store fleets of vans, as well as boats, all-terrain vehicles and other recreational equipment.

RecNation has signed contracts to acquire 10 more facilities over the next six weeks, Mr. Wojtaszek said, and will spend about $300 million once current deals in the pipeline close. It hopes to eventually expand to 400 properties by acquiring smaller operators.

"It's not a very well-managed, professionally managed industry," Mr. Wojtaszek said. "It's just moms and pop operators."

The expansion of RecNation comes as investors seek new commercial real estate ventures due to the growing challenges associated with traditional types of real estate. Remote work trends caused by the pandemic have raised doubts about the valuation of office buildings, while the prices of industrial and multifamily homes are starting to look expensive.

Niche sectors such as data centers, university housing and self-service have performed well in recent years. The scale allowed them to invest more than smaller competitors in things like digital marketing and specialized services.

"You can build clusters [of locations] in key markets," said Billy Ram, senior managing director at Centerbridge, who also makes big investments in the U.S. marine business.

RV makers such as Thor Industries Inc., Winnebago Industries Inc. and Berkshire Hathaways Forest River RV shipped more than a record 600,000 vehicles in 2021. This year will be the second-largest year with more than 500,000 shipments, according to the RV Industry Association.

But high gas prices and inflation, as well as a possible recession, could put the brakes on sales. Some top-notch RVs that can cost more than $1 million, fully loaded with marble countertops, multiple bathrooms, and king-size beds, have gas tanks that hold 150 gallons.

From desired residences to major commercial transactions.

Manufacturers may have to raise their prices to offset their own rising costs. "The consumer ... isn't going to be a big fan of it," Winnebago chief executive Michael Happe said in a June phone call about earnings.

Mr. Wojtaszek predicts that demand for storage will remain strong even if there is a recession or if high inflation dampens RV sales. He noted that other trends benefit the storage business, notably the growing efforts of homeowners' associations in some communities to ban the storage of vans and boats in front of homes.

Mr. Wojtaszek began building his data center company, CyrusOne Inc., while working at Cincinnati Bell Inc., and became its chief executive when it was spun off in 2013 during an initial public offering. It was sold this year to buyout firms KKR & Co. and Global Infrastructure Partners LLC in a deal worth about $15 billion, including debt.

When Covid-19 hit, he and his wife decided to buy an Airstream RV and travel around the U.S. He started thinking about the RV storage business when he had a hard time finding a place to store it. Mr. Wojtaszek paid more than $10 million for a 12-acre warehouse business that he used about 20 miles from his home in Dallas.

RecNation fees range from $150 to $700 per month depending on the size of the RV and the location of the facility. Mr. Wojtaszek says he invests in many of his locations, closing all warehouse space and providing a range of services such as maintenance assistance, sewage dumps and "things that tend to be pain if you have to deal with them".