“There is no way that we could have found such a prime location without this vacancy, which was a result of the office tenant’s transition to work from home due to the Covid-19 Pandemic.” said …
“There is no way that we could have found such a prime location without this vacancy, which was a result of the office tenant’s transition to work from home due to the Covid-19 Pandemic.” said Jeremy Friedman principal of Stoic Equity Partners, a private equity real estate firm formed during the Pandemic to take advantage of shifting trends in commercial real estate. “This property was originally a Food World grocery store which closed in 2009 during the great recession and was subsequently converted to office space, which is now being vacated due to the pandemic, so we are lucky to get to convert it again into a state-of-the-art Self Storage facility.”
The 45,020 square foot building is located in Fairhope, one of the fastest growing cities in Alabama, and part of the 7th fastest growing MSA in the United States. This state-of-the-art facility will house 355 climate controlled self storage units and will be third-party managed by StoreEase out of Birmingham, AL. StoreEase provides a revolutionary solution to many of the problems in the self storage industry. The property will be Virtually Managed using their proprietary virtual management technology which allows customers to interact with a live manager via the management Kiosk which provides a superior customer experience even though the facility is unmanned. All doors and locks will be controlled by the Noké One smart access control using blue tooth technology providing superior security and convenience. Stoic expects the property to open to the public in February of 2022. The conversion process will take approximately 6 months and is being handled by Crucible Construction, LLC, a general contractor located in Daphne, AL.
Stoic co-sponsored this investment with partner 68 Ventures, LLC by forming a Private Equity investment group to acquire, convert, and operate the property. 68 Ventures is a vertically integrated development, construction, real estate, and related services group of companies that generated over $5.2B in transaction volume over the last decade. “The success of this transaction is a direct result of our great equity partners and our co-sponsor 68 Ventures.” said Grant Reaves principal of Stoic Equity Partners. Stoic is currently in pre-development on other Ground-up storage developments as well as identifying and underwriting the acquisition of existing self-storage facilities throughout the northern gulf coast.
About Stoic Equity Partners:
Stoic Equity Partners was founded by Grant Reaves and Jeremy Friedman to pursue value add and opportunistic commercial real estate acquisitions/developments throughout the Southeast. Grant and Jeremy both come from commercial real estate brokerage and worked together for many years at a prior firm. After sharpening their skills of investment real estate through brokerage, the founders decided to take their careers to the next level by moving to the principal side of the business. Stoic's investors are true Partners in its ventures. By offering Partners unparalleled transparency through technology, Stoic is able to show how their wealth is working through their real estate investments.
For complete information, visit: www.stoicep.com