Size: 112,322 sqft
Land: 13.7 Acres
Global Indy is a re-purposed vacant big box retail building that was converted to climate-controlled self-storage. The project was in Indianapolis, Indiana. Indianapolis has a metro area of more than 2 million people, it is the 2nd largest city in the Midwest and 14th largest in the U.S. The city has poured billions of dollars into revitalization and now ranks among the best downtown area and most livable cities. The self-storage center is located South of downtown Indianapolis and has excellent exposure on Madison Avenue with over 22,800 cars passing by each day. There are 91,651 homes within a 5-mile radius of the project and little competition for climate-controlled self-storage in the immediate area. In March 2017, Global Building bought a former Kmart retail store that was vacant at the time to re- purpose the big box retail building into a climate-controlled self-storage facility for $19.45/NRA. The self-storage facility was completed in September 2018 after an 18-month permit and conversion process. The renovations costs totaled roughly $4,500,000, increasing the total cost to $56.19/NRA. The 153,866 SF retail space became a 115,670 square foot self-storage project with 960 units ranging in size from 5’ x 5’ to 18’ x 50’ to accommodate a wide array of tenants. As soon as the property was under contract, Global started a complex interview process to determine the best management company, ending with ExtraSpace being chosen as the best fit for this specific project. During the construction process, a buyer submitted an offer for $10,000,000 that was accepted by Global. The sale of the property and retail pads will generate a 31.28% property level IRR and a 1.57 multiple.