Self-storage developer Elite Stor Capital Partners LLC plans to convert a former bank warehouse in the Baymeadows area of Jacksonville, Fla., to self-storage. Elite Stor purchased the property for $1 million in July. The conversion project, estimated at $1 million, is expected to include at least 500 climate-controlled units and possibly wine storage. Elite Stor principal Benjamin Macfarland III told the source the facility is scheduled to open by the end of March 2015.
The single-story warehouse at 8539 Western Way comprises 72,702 square feet. The 44-year-old structure sits on 3.3 acres. Elite Stor Capital Partners deeded the property to Elite Stor Western Way Jax LLC of which Macfarland is the primary agent, according to the source.
The property is in an area that has seen a lot of recent development, including a brewery, hotel and technical school. Commercial real estate analysts have said the Jacksonville industrial market has been stable and showing signs of improvement, the source reported.
Elite Stor Western Way applied for a building permit to demolish the interior of the structure to make way for storage units at a cost estimate of $100,000. In August, it received a permit for re-roofing, estimated at $250,000, and was granted another roofing permit earlier this month for a project cost of $53,300, according to the source. “There’s quite a bit of work to be done,” Macfarland said.
Macfarland is also managing partner with Calidus Holdings LLC. Through Calidus, he has partnered to own and manage about 200,000 square feet of storage in Florida and completed more than $150 million in transactions, according to the source. Based in West Palm Beach, Fla., Macfarland said he is actively looking for more distressed properties in Jacksonville that would be suitable for self-storage.
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