Le Lézard
Classified in: Business
Subjects: TNM, RLE, SRI

STOIC Equity Partners Continues Growth with Year-End Acquisition of $6.6 Million Self Storage Asset


FAIRHOPE, Ala., Jan. 28, 2022 /PRNewswire/ -- Stoic Equity Partners added 74,325 net rentable square feet to their Fairhope Self Storage portfolio. Stoic currently owns 33,395 net rentable square feet in the market and will manage the two assets together. "By managing the two properties together we are able to lower our operating expenses and offer more diversified unit types for the customers," said Grant Reaves, principal of Stoic Equity Partners. "The Inland property offers climate controlled, non-climate, and enclosed Boat & RV, while our existing facility is 100% climate controlled."

Both Fairhope facilities 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 a Kiosk which provides a superior customer experience even though the facility is unmanned. The new facility will utilize StoreEase's new Virtual Drive-Up kiosk for management. All doors and locks will be controlled by the Noké One smart access control using Bluetooth technology providing superior security and convenience

Stoic was able to close on the acquisition within 55 days of contract and utilized CMBS debt to finance the purchase. Richard Alexander of Grandbridge Real Estate Capital placed the debt for the transaction. "We committed to the seller to close before year-end, and we would not be able to make that happen without the full cooperation of our lender, Sabal Capital Partners," said Jeremy Friedman, principal of Stoic Equity Partners. "They were able to close a complicated transaction in our agreed upon timeframe."  

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. 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.
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.

Media Contact:
Stoic Equity Partners, LLC
Attn: Media Relations
2210 Main Street, Ste H
Daphne, AL 36526
251-747-9111
[email protected] 

For complete information, visit: www.stoicep.com

SOURCE Stoic Equity Partners


These press releases may also interest you

at 01:00
Kaleidoscope Innovation announced today that the regulatory, quality and clinical affairs consulting group, Regulatory Mark, is now part of the team at Kaleidoscope Innovation, an Infosys company specializing in the full spectrum of product design...

at 00:14
MINISO Group Holding Limited ("MINISO", "MINISO Group" or the "Company"), a global retailer offering a variety of design-led lifestyle products, today announced a special cash dividend. MINISO's board of directors has approved a special cash...

at 00:01
EY today announces an alliance between Kyndryl, the world's largest IT...

16 aoû 2022
SSC Security Services Corp. ("SSC" or the "Company") announces that the Board of Directors has declared a cash dividend of $0.03 per common share for the quarter ending September 30, 2022, representing $0.12 per share on an annualized basis. The...

16 aoû 2022
With the flourishing peach industry, local farmers in Menyin County in east China's Shandong Province enjoy both the sweet peach aroma and handsome incomes during the summertime. Boasting favorable geographic conditions, Mengyin has dedicated to...

16 aoû 2022
EverVet Partners ("EverVet" or the "Company"), one of the fastest growing veterinary services platforms in the U.S., today announced its partnership with Freeman Spogli & Co. ("Freeman Spogli"), a leading private equity investor in the consumer and...



News published on 28 january 2022 at 08:44 and distributed by: