Go Store It, an alternative investment sponsor that focuses on self-storage properties, has purchased an 80,000-square-foot former Sam’s Club property located in a Hilton Head, South Carolina opportunity zone. The purchase price was not disclosed.
The acquisition is part of the company’s “retail box conversion strategy,” and is its third asset in the Hilton Head submarket.
“We started this conversion strategy in 2018 as we saw the retail space shrinking, [and] now with COVID, we are looking at even more opportunities,” said Ryan Hanks, founder of Go Store It. “The Hilton Head submarket has significant barriers to entry, and it’s very uncommon to see this kind of box available.”
Go Store It noted that the investment was structured as a single asset qualified opportunity zone fund and is the third conversion acquisition where an opportunity zone fund was utilized. The company claims to have several conversion properties under contract and is “aggressively looking” for additional investments throughout the Sun Belt region.
Based in Charlotte, North Carolina, Go Store It is an affiliate of Madison Capital Group LLC and specializes in the acquisition, development and management of self-storage assets. The company currently owns more than 50 operating assets totaling approximately 2.5 million square feet with more than 23,000 individual units. According to filings with the Securities and Exchange Commission, Go Store It sponsors several Regulation D private placement offerings, including real estate investment trusts and Delaware statutory trusts.