June 14, 2018 – West Palm Beach-based SROA Capital, in a joint venture with MacArthur Holdings and Live Oak Capital Partners, today celebrated the Grand Opening of its newest self-storage facility at 1620 N. Congress Avenue in West Palm Beach. Operating under the national brand Storage Rentals of America, the 105,000 sq. ft., three-story facility includes 742 climate-controlled storage units along with a 1,200 sq. ft. first-floor retail space that is available for lease. The location is near the intersection of Palm Beach Lakes Blvd. and I-95, across from the Palm Beach Outlets and next to the Land of the Presidents subdivision and Banyan Cay Resort. The Grand Opening event featured a ribbon cutting including West Palm Beach Mayor Jeri Muoio and representatives from the Chamber of Commerce of the Palm Beaches.
“Demand for new self-storage facilities has been fueled by a growing and increasingly mobile population, multi-family development, and a resilient U.S. economy,” said SROA Capital CEO Benjamin Macfarland.
SROA Capital is a vertically-integrated self-storage operator focused on acquiring, developing and selectively redeveloping undermanaged facilities in select growth markets throughout the U.S. SROA was founded in 2013 by real estate entrepreneur Benjamin Macfarland in partnership with Sidney Kohl (co-founder of Kohl’s Department Stores) and James Jenkins (co-founder of Alliant). Since inception, SROA has aggregated a 4 million rentable square feet, 33,000 unit portfolio comprised of 81 properties. The N. Congress location is the company’s 11th in Florida. – with several more in its pipeline.
“We see continued growth in the industry,” says Steve Tedder, Principal of Live Oak Capital Partners. “This well designed, highly visible facility is the best climate-controlled self-storage in the market and addresses the unmet needs of local residents and businesses.”