Madison, SLI Acquire Buy Stake in Self Storage Company
The two firms will help GreenSpace expand its development strategy to grow its self storage footprint across the U.S.
Madison Capital Group and SLI Capital have acquired a controlling interest in GreenSpace, a self storage company with a unique approach to building its facilities. Founded in 2015, the target offers a proprietary concept that constructs self storage facilities out of stacked shipping containers. The purchase price could not immediately be learned.
GreenSpace, which holds U.S. and European patents for its construction technology, says its offsite construction process allows for cost savings and shortens construction schedules while maintaining Class A quality.
The company’s first two facilities were built with shipping containers, saved enough electricity to power more than 1,000 homes for one year and reduced CO2 emissions by more than 1,500 tons, GreenSpace said in a statement. The company’s portfolio includes four facilities located in Texas, Virginia and Maryland, as well as a development pipeline that includes locations planned for Philadelphia, Phoenix and Washington, D.C.
Ryan Hanks, CEO at Madison Capital, said in prepared remarks that the acquisition will offer growth capital and operational expertise to GreenSpace. The new ownership does not have any planned changes for GreenSpace, but will help expand the company’s development strategy and license agreements with third-party developers. GreenSpace principals Rick Stockton and David Ledoux will still be involved with the company’s management.
Drawing from a self storage background
Prior to acquiring a controlling interest in GreenSpace, Madison Capital was already heavily invested into the self storage sector through subsidiary Go Store It, which was formed in 2013. The company currently has 91 operating self storage facilities, with 11 more under development in Georgia, Florida, California, Virginia, Tennessee and North Carolina.
Earlier this month, Go Store It opened a 120,033-square-foot self storage facility in Jacksonville, Fla., offering 775 climate-controlled units across three stories. A month prior, the company opened its first self storage facility in California through a 70,000-square-foot location in Monterey Park, Calif., after breaking ground on it in November 2022.