Partnership to Break Ground on 100,000 Sq. Ft. State-of-the-Art Self-Storage Facility in West Palm Beach, Fla.
April 24, 2017
West Palm Beach, Fla. (April 25, 2017) – West Palm Beach-based SROA Capital, in a joint venture with MacArthur Holdings and Live Oak Capital Partners, announce the start of construction for a 100,000 square-foot climate controlled self-storage facility located at 1620 North Congress Ave., West Palm Beach, near the intersection of Palm Beach Lakes Blvd. and I-95, and at the entrance of the Land of Presidents and the Palm Beach Outlet Mall. This three-story, mixed-use building will include 830 climate-controlled units and 1,200 rentable square feet of ground floor retail space.
With construction underway, the property will be open to the public during the first quarter of 2018. The facility is designed to increase energy efficiency through the use of LED lights and motion sensors, and will feature 24-hour camera surveillance for increased security.
"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," said Benjamin S. Macfarland III, CEO of SROA Capital.
In addition to the new West Palm Beach location, SROA recently purchased three existing properties in the rapidly-growing South Carolina market that are being converted into self-storage facilities. The cities include Myrtle Beach, Simpsonville and Columbia. SROA now manages 59 properties in five states, with acquisitions and expansion into additional states expected this year.
ABOUT SROA Capital, LLC
SROA Capital, LLC is a real estate investment company focused on the acquisition and operation of self-storage properties nationwide as well as direct-equity investments with developers. SROA operates over 3 million rentable square feet under the brand Storage Rentals of America. For more information, please visit www.sroa.com.
ABOUT LIVE OAK CAPITAL PARTNERS
Live Oak Capital Partners acquires and develops high quality real estate assets that will become exceptional investments for our clients, partners, and communities. Based in Atlanta, the firm focuses primarily on niche property types and off market opportunities to add significant value and generate above market returns. For more information, please visit www.liveoakcp.com.
ABOUT MACARTHUR HOLDINGS
For over half a century, MacArthur Holdings LLC has developed, owned and operated real estate in New York City. The portfolio includes multifamily, retail, office, hotel, and future development sites. It also owns office, warehouse, manufacturing and distribution facilities for clients operating in southern New Hampshire and is an investor in numerous multifamily properties in New Jersey, Delaware and Pennsylvania. MacArthur often partners with local owners and developers. Our core philosophy is developing long term strategic relationships and having local management with a stake in ownership. For more information, please visit macarthurholdings.com.
Tony Theissen, O'Donnell Agency
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