Go Store It, which operates 21 self-storage facilities in seven states, has acquired Clover Hill Self-Storage in Richmond, Va. Although it’s the company’s first purchase of an existing facility in the state, it has two projects under construction in the Richmond Metropolitan Statistical Area. One site is near downtown while the other is in Midlothian, according to a press release.
The Clover Hill property at 16830 Hull Street Road comprises 42,000 square feet of storage space in 348 units. It also contains vehicle parking. Go Store It plans to add a two-story, climate-controlled building comprising 40,000 square feet.
“This acquisition presents a unique opportunity for Go Store It and gives us more scale in a target market. There is a big demand for quality storage, and the market has high barriers to entry. We look forward to upgrading the facility and getting started on the expansion,” said Neil Dyer, director of acquisitions.
The Richmond acquisition is the company’s 10th this year. Go Store It purchased Avondale Self Storage and Storage Port in Hendersonville, Tenn., last month. It also recently broke ground on two new projects in Woodfin, N.C., and Mt. Pleasant, S.C.
Based in Charlotte, N.C., Go Store It specializes in the acquisition, development and management of self-storage assets throughout the county. It currently has more 2 million square feet of storage space under management and construction. It’s an affiliate of Madison Capital Group LLC, which has offices in Charlotte, N.C., Charleston, S.C., and Nashville, Tenn.
PR Newswire, Go Store It Acquires Clover Hill Self Storage in Richmond, VA