Fort Lauderdale-based Wheat Capital Management LLC broke ground for construction of a self-storage building in Margate.
Wheat Capital bought the 2.6-acre development site at 5400 Northwest 31 Street in January for $2.4 million. The site is behind a Walgreens pharmacy and has frontage on State Road 7.
The four-story self-storage building will have 133,872 square feet of storage space. Boca Raton-based Kaufman Lynn Construction is building it.
Wheat Capital got an $11.3 million construction loan for the project from a division of ORIX USA, a Dallas-based commercial real estate finance, asset management and investment firm.
Wheat Capital has two other South Florida self-storage projects underway at 2801 John P. Lyons Lane in Pembroke Park and at 2915 Northwest 36 Street in Miami.
Founded in 2015, Wheat Capital specializes in the acquisition and development of self-storage buildings on urban infill sites, often in partnership with self-storage real estate investment trusts CubeSmart and Extra Space Storage Inc.