Article published: November 22, 2021 by Jay Fitzgerald, SpareFoot Storage Beat Contributor
The SpareFoot Storage Beat, news and analysis source for self-storage and related industries, connected with Madison Capital in 2021 and discussed impacts of the pandemic on storage services. Click here to read the full article on SpareFoot Storage Beat.
Madison Capital Group has created a new affiliate to pursue what it hopes will be a lucrative extension of its self-storage business: stand-alone storage facilities exclusively for boats, RVs and other vehicles that owners don’t want to park in their driveways.
The Charlotte, NC-based firm, which has developed or purchased more than 70 self-storage facilities since its founding in 2013, says it now has more than 10 deals in the pipeline to buy or build new storage complexes for boats and RVs, via its recently launched BlueGate Boat and RV Storage.
BlueGate announced the closing of one of those deals Nov. 22: the purchase of The Boat Rack in Nashville, TN. The facility, built in 2012, features 234 storage spaces and 108,000 net rentable square feet.
“This acquisition presents a unique opportunity for BlueGate as we start to scale this new platform. We will continue to look for assets like this while also continuing our development strategy that targets the Boat & RV sector,” said CEO Ryan Hanks in a statement.
About Madison Capital, LLC
Madison Capital Group is a vertically integrated real estate investment firm that owns, operates, acquires and develops suburban multifamily properties and self storage facilities. Madison is active in 13 states and is focused on expanding its footprint throughout the Sunbelt. Currently, Madison has over 2,000 apartment units under development or in planning and owns more than 60 self storage assets under the Go Store It banner.
Click here for more information on Madison.