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May 3, 2017

Built Partnership Acquires Historic Mill Property in Cincinatti OH

Built Partnership has acquired a 150,000 GSF brick construction historic mill in the Spring Grove Area of Cincinnati (4861 Spring Grove Avenue, Cincinatti, OH) as well as Add Space Storage, an existing self storage business leasing 25,000 SF of heated self storage space on the first floor of the four story structure.  SSDG will convert the entire facility to provide over 100,000 leasable SF of climate controlled self storage and over 200 units of outdoor parking storage for cars, boats and recreational vehicles


This underserved and growing market area has a significant gap in supply for both non-climate and climate controlled storage.  The large, iconic building is over 500 feet long and has good visibility from nearby I-75 and solid traffic counts on Spring Grove Avenue.  


The conversion will include structural reinforcements, the installation of new elevator systems and significant aesthetic and security improvements to the property in addition to the installation of storage doors and partitions on the unimproved floors.  It will also convert large sections of the 4 acre site currently used for bulk storage to outdoor parking storage, increasing per SF revenue significantly.  Built in 1911, the project is eligible for historic tax credits which will partially offset renovation costs.  Renovations are expected to be completed Q1 2019.


Built Partnership has established professional management under a contract with Universal Storage Group.  USG will improve operational processes, increase rents on existing units which were significantly below market rate at the time of acquisition.  When the expansion is complete, USG will implement an aggressive campaign of marketing to likely customers in the area to drive new leasup.

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