Leitbox Storage Partners Nears Completion of Palm City Micro-Monopoly
March 2, 2021
BIRMINGHAM, AL – March 2, 2021 – Leitbox Storage Partners, a self-storage investment and development platform, based in Birmingham, Alabama, announced today that it is nearing completion of a storage ‘micro-monopoly’ in Palm City, Florida—a three-asset portfolio representing 75% of rentable storage square-footage in the area.
“We could not be more pleased with the execution of our ‘market-up’ investment strategy in Palm City. The combination of our development activity and value-add acquisitions has produced a micro-monopoly market share unrivaled in the area. Each facility offers something unique. In fact, there is not a unit type we don’t offer. This diversified approach meets customers’ various demands and eliminates the risk of competition between owned-facilities,” said Bill Leitner, Managing Principal of Leitbox Storage Partners.
Our unique ability to execute various deal types—ground-up development, mixed-use components, distressed retail/industrial/big box conversions, and value-add acquisitions—means we take a ‘market-up’ approach, solving for a market’s unique inefficiency. The multi-faceted storage needs identified in Palm City made the region a perfect candidate for two of our four available execution approaches: ground-up development and value-add acquisition.
The development deal, a 4th-generation, climate-controlled facility, is currently on-time and on-budget. We expect to receive the certificate of occupancy within 30 days. Completion of the development comes perfectly timed as our nearby drive-up facility has reached maximum occupancy, currently exceeding 97%. Palm City customers are already expressing interest in the facility under development, which will offer state-of-the-art technology not yet found in the market. The three-asset line-up is positioned perfectly for a portfolio sale.
About Leitbox Storage Partners
Leitbox Storage Partners (“Leitbox”) is a real estate investment company that develops and acquires self-storage (often with mixed use & retail integration) in primary and secondary markets throughout the United States. In addition to programmatic, greenfield development of vertical self-storage, Leitbox utilizes its 30+ year history in the retail and mixed-use sectors to identify and acquire retail, big-box conversion opportunities and income-producing, storage facilities presenting value-add upside potential.
