A partnership led by SROA Capital LLC, an equity investor focused on the self-storage industry and operator of the Storage Rentals of America brand, has started construction on a three-story, mixed-use storage project at 1620 N. Congress Ave. in West Palm Beach, Fla. The project is a joint venture with real estate developers Live Oak Capital Partners and MacArthur Holdings LLC, operating under the name North Congress Storage LLC. The facility will comprise 100,000 square feet in 830 climate-controlled units and 1,200 rentable square feet of ground-floor retail space. It’s expected to open during the first quarter of 2018, according to a source.
The facility will include LED lighting and motion sensors for energy efficiency, and 24-hour video cameras for security. The 2-acred property is across the street from the Palm Beach Outlet Mall, near the intersection of Interstate 95 and Palm Beach Lakes Boulevard. SROA Capital purchased the land in 2016 for $1.33 million, a source reported.
"We are excited to be investing locally and working with our city and county officials and surrounding neighborhoods to build a beautifully designed property that fits the storage needs of local residents and businesses," Benjamin S. Macfarland III, CEO of SROA Capital, said in a press release.
The ground-breaking comes on the heels of the acquisition of three South Carolina properties by SROA, which will be converted to self-storage. The assets are in Columbia, Myrtle Beach and Simpsonville, the release stated.
Founded in 2012, Live Oak Capital Partners focuses primarily on “niche property types and off-market” opportunities. It has investment interests in self-storage, industrial, manufactured-housing and office properties.
MacArthur Holdings LLC is a real estate owner and developer primarily in New York City. Its portfolio includes hotel, multi-family, office and retail projects. It also owns commercial and industrial properties in southern New Hampshire and has multi-family investments in Delaware, New Jersey and Pennsylvania, the release stated.
Based in West Palm Beach, SROA Capital is a real estate investment company focused on the acquisition of self-storage properties as well as direct-equity investments with developers and operators. It manages 59 properties in five states. The company recently changed its name from Elite Stor Capital Partners LLC to better align with the Storage Rentals of America brand name.
- Palm Beach Post: Developer Breaks Ground on Self-Storage Center Near Palm Beach Outlets
- South Florida Business Journal: Self-Storage Facility Breaks Ground Near Major Mall
- Yahoo Finance: Partnership to Break Ground on 100,000 Sq. Ft. State-of-the-Art Self-Storage Facility in West Palm Beach, Fla.