Madison Capital Group Closes Private REIT Offering
Madison Retail Box Conversion REIT Inc., a private real estate investment trust sponsored by Madison Capital Group, has closed its offering.
Madison Retail Box Conversion REIT Inc., a private real estate investment trust sponsored by Madison Capital Group, has closed its offering after raising more than $55 million from accredited investors.
Proceeds from the offering will be used to purchase vacant retail box stores to convert into self-storage properties.
“Pressures on the retail real estate market, combined with the constrained supply of self-storage provides a unique opportunity in markets throughout the United States,” said Ryan Hanks, chief executive officer of Madison Capital Group.
The company indicated that some retail buildings may come with other opportunities such as developing multifamily and retail properties on the excess land, noting that its development team has “experience in both arenas and can take advantage of the different potential uses.”
“The targeted result of this combination are assets that are acquired and repurposed at a low cost with little competition in the surrounding area, both of which allow for maneuverability regarding leasing, rental rates and exit strategies,” Hanks added.
According to filings with the Securities and Exchange Commission, the Regulation D offering launched in mid-December 2019 and sought to raise $50 million, which was increased to $75 million in August 2020.
Based in Charlotte, North Carolina, Madison Capital Group specializes in the acquisition, development, and management of self-storage assets throughout the county via its Go Store It brand. Go Store It currently has more than 4 million square feet of storage space under ownership and more 40,000+ units.
