Self-storage partnership scores loan, breaks ground near Miami’s Overtown

Partnership plans an 8-story, 112,500 sf storage-facility

TRD MIAMI /
Jan.January 16, 2018 09:45 AM

Rendering of Sunnybrook Storage and Benjamin Macfarland (Credit: DeAngelis Diamond and LinkedIn)

UPDATED Jan. 16, 12:10 p.m.: A partnership between West Palm Beach-based real estate investment firm SROA Capital and the Feldman Companies just scored a $9.5 million construction loan and broke ground on its planned self-storage facility near Miami’s Overtown, property records show.

Mutual of Omaha Bank provided the financing for the company’s planned 112,500-square-foot facility at 1020, 1030 and 1040 Sunnybrook Road. SROA Sunnybrook LLC paid $1.7 million for the vacant 18,000-square-foot lot last year, records show.

Blue Projects USA will be designing the eight-story building, just south of the Dolphin Expressway and west of US 441/State Road 7. DeAngelis Diamond is the contractor, according to a notice of commencement filed with the county. Features will include 970 climate-controlled storage units and a parking garage.

Feldman founder Mitchell Feldman said the facility is set to be completed next year.

SROA Capital, formerly Elite Stor Capital Partners, is led by Benjamin Macfarland. The firm operates storage facilities under the brand name Storage Rentals of America throughout the United States, with several in Palm Beach County, according to its website.

SROA Capital also focuses on equity investments with developers and operators. Last year, it invested in a 113,000-square-foot of self-storage space in Miami, next to the Palmetto Expressway.

In September, Prudential paid $18.5 million for a 101,000-square-foot self storage building, nearby, in Little Havana.


Related Articles

arrow_forward_ios
200 Northwest 79th Street and Todd Amsdell, president and CEO of Amsdell Companies (Credit: Google Maps)

Self-storage facility in Little River sells for $7M

Self-storage facility in Little River sells for $7M
Richard Kayne, Founder and Co-Chairman of Kayne Anderson Capital Advisors, and a rendering of the self storage facility (Credit: TAYLOR / THEUS HOLDINGS, INC.)

Kayne Anderson buys self-storage in West Palm for $15M

Kayne Anderson buys self-storage in West Palm for $15M
A rendering of Manley Storage Ventures facility at 7171 North Federal Highway

New self-storage, retail facility coming to Boca Raton

New self-storage, retail facility coming to Boca Raton
(Credit: iStock)

Miami board OKs self-storage freeze

Miami board OKs self-storage freeze
Daniel Weinstein, John Guitar and Phil Marchese

Movers & Shakers: MCSS hires self-storage exec as managing partner & more

Movers & Shakers: MCSS hires self-storage exec as managing partner & more
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
7600 West Mcnab Road and Todd Ruderman

Prolific self-storage operator is a buyer in North Lauderdale

Prolific self-storage operator is a buyer in North Lauderdale
(Credit: iStock)

Hot demand: Pembroke Pines self-storage facility sells for $13M

Hot demand: Pembroke Pines self-storage facility sells for $13M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...