Madison Capital Group Acquires Ohio Storage Portfolio

1123 Goodale Blvd. Brexton has sold three Tri-Village Self Storage properties, totaling 237,189 square feet,…

1123 Goodale Blvd.

Brexton has sold three Tri-Village Self Storage properties, totaling 237,189 square feet, in Columbus and Dublin, Ohio. Madison Capital Group bought the facilities with a $22.8 million loan provided by Ready Capital, Yardi Matrix data shows.

Senior Vice President of Investments Gabriel Coe and Senior Managing Director of Investments Brett Hatcher of Marcus & Millichap brokered the 1,653-unit transaction. Go Store It Partners will manage the properties.

The largest facility is located at 1123 Goodale Blvd. and encompasses a four-story building and 70,093 net rentable square feet with climate-controlled units, ranging from 25 to 500 square feet. As one of the nine available assets within a 3-mile radius, it offers residents 3.9 net rentable square feet per capita, significantly below the 7 national average.

3490 Trabue Road

The second asset, constructed in 2015, comprises five buildings and 53,295 net rentable square feet, with a mix of non-climate and climate-controlled units varying from 25 to 450 square feet. The property also has drive-up access and RV and boat parking options. Located at 3490 Trabue Road, it is one of the 14 other facilities available within a 3-mile radius, offering 10.5 net storage space per person.

Tri-Village Self Storage portfolio also includes a Dublin-area property that offers 65,724 net rentable square feet and non-climate and climate-controlled units, from 25 to 360 square feet, and RV and boat parking spaces. Located in an underpenetrated market, it is one of the six available storage spaces within a 3-mile radius, offering 6.2 net rentable square feet per capita.

Columbus keeps strong market fundamentals

As one of the underpenetrated markets, with 6.5 net square feet of storage space per person, Columbus registered a 70-basis-point increase for under construction and planned developments from January to February and an 8 percent annual rent growth for the standard 10×10 units as of February. Currently, there are four properties under construction that will add 254,820 square feet to the existing inventory.

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The buyer plans to upgrade the facilities, located in central Ohio, benefiting from their proximity to residential neighborhoods, retail spaces and downtown Columbus, as well as the high traffic, reaching 13,200-15,000 cars per day, mentioned Coe in prepared remarks.

Last year, Madison Capital Group secured $29.1 million refinancing to revamp a four-property portfolio, totaling 255,064 square feet across North Carolina, as part of the company’s value-add strategy.