STOIC Equity Partners Breaks Ground on Florida Self Storage

Image by Adam Winger, courtesy of Unsplash.com

Stoic Equity Partners has broken ground on a 50,000-square-foot virtually managed self storage facility in Pensacola, Fla. According to Yardi Matrix data, the property is subject to a $5 million construction loan provided by West Alabama Bank & Trust.

Crucible Construction oversees the development process. Upon completion in the fourth quarter of 2023, the facility will be managed by StoreEase.

Plans call for a one-story building that will be constructed on a 2.8-acre site and will encompass 379 climate-controlled units. Through StoreEase, all doors and locks will be controlled by the Noké One smart access control using Bluetooth technology. Customers will also interact with a virtual manager via Kiosk, despite the facility being unmanned.

The building will rise at 8669 Beulah Road, close to the border with Alabama, providing easy access to Interstate 10. The property is one of the two facilities available within a 3-mile radius, offering residents 6.3 rentable square feet per capita.

Jeremy Friedman, principal of Stoic Equity Partners, stated in prepared remarks that the Beulah area is suitable for the development of storage facilities due to its rapid population growth. A recent Yardi Matrix report shows that as of September, there were 4,306 self storage properties in various stages of development nationwide.

Stoic Equity Partners is currently developing and acquiring storage facilities, as well as flex industrial properties throughout the Southeast. Last year, the company partnered with Crucible Construction and StoreEase to convert a former big-box retail store into a self storage facility in Fairhope, Ala.