West Palm Beach-based SROA Capital, in a joint venture with MacArthur Holdings and Live Oak Capital Partners, say they have started construction of a 100,000 sq.-ft. climate controlled self-storage facility in West Palm Beach at 1620 North Congress Ave. This three-story, mixed-use building will include 830 climate-controlled units and 1,200 rentable sq. ft. of ground floor retail space.
With construction underway, the property will be open to the public during the first quarter of 2018. The developers say the building has been 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.