Sale of The Vault on 17th
Safe Secure Self-Storage
September 28th, 2018
Wilmington, N.C. –The Vault on 17th, LLC, is pleased to announce the completion and subsequent sale of a 76,000-square-foot self-storage facility located at 1113 S. 17th St. in Wilmington, North Carolina.
The state-of-the-art facility, which opened in late July, features 552 units ranging in size from 5 feet by 5 feet to 10 feet by 30 feet. A mixture of interior and drive-up accessible units are available, with approximately 89 percent being climate controlled. Handicap accessible units with automatic door openers are also offered.
Along with controlled access entry and 24-hour surveillance, the facility boasts enhanced exterior lighting for added security. Other amenities include an on-site retail center, drive-up loading area, and online rental payment options.
Madison Capital Group approached the ownership group, which consisted of a partnership involving several principals in GHK Cape Fear Development and Crete Investments, in early summer 2018 about the possibility of a sale. An unsolicited offer was made and subsequently accepted, with the transaction closing on Thursday, September 20. Madison Capital Group assumed ownership and will operate the facility under their reputable Go Store It self-storage brand.
According to Mike Brown, managing member of The Vault on 17th and a partner with GHK Cape Fear Development, “It was our goal to deliver an extremely high quality, safe, secure, and attractive facility to serve unmet demand within the submarket. The facility and Vault Self Storage brand were well received by the market, and I am pleased with how the project turned out.
“As with any long-term investment or business venture, you must be receptive and open to evolving opportunities. In this case, Madison Capital Group and Go Store It made a compelling offer, and we were further assured that our customers would be well taken care of.
“The Vault Self Storage remains interested in other opportunities to purchase or develop class-A, self-storage facilities in under-served submarkets throughout the region.”
The facility marked the first self-storage project for the partnership.