Wheat II-Margate, an affiliate of private-equity firm Wheat Capital Management LLC, recently broke ground on a new self-storage facility in Margate, Fla. The company purchased the 2.6-acre site at 5400 N.W. 31st St. in January for $2.4 million. The four-story facility will be behind a Walgreens pharmacy and have frontage along Florida State Road 7, according to the source. Once complete, it’ll comprise 133,872 square feet of storage space.
The $11.3 million construction loan necessary for the project will be provided by ORIX RE Holdings LLC, a division of ORIX USA, a Dallas-based commercial real estate finance, asset management and investment firm. The builder is Kaufman Lynn Construction, a commercial construction company based in Boca Raton, Fla.
In addition to the Margate facility, Wheat Capital has two other self-storage projects underway. It’s developing a site at 2801 John P. Lyons Lane in Pembroke Park, Fla., and another at 2915 N.W. 36th St. in Miami-Dade County, Fla.
Founded in 2015 and based in Ft. Lauderdale, Fla., Wheat Capital specializes in the acquisition and development of urban infill self-storage facilities. The firm often partners with self-storage real estate investment trusts CubeSmart and Extra Space Storage Inc., the source reported.
- South Florida Business Journal: Private Equity Firm Breaks Ground on 133,000-Square-Foot Building in Broward