Stoic Acquires Big-Box Location for Self-Storage

Fairhope-based Stoic Equity Partners has acquired a former Food World retail location for conversion to self-storage in a $5.3-million private equity investment. The 45,020-ft2 building is located in Fairhope and will now house 355 climate-controlled self-storage units and will be third-party managed by StoreEase of Birmingham. The property will use StoreEase’s proprietary virtual management technology, which allows customers to interact with a live manager via the management kiosk. All doors and locks will be controlled by Noké One smart-access control using Bluetooth. The conversion process will take approximately six months and is being handled by Crucible Construction, LLC, a general contractor located in Daphne. Stoic cosponsored this investment with partner 68 Ventures, LLC, a Daphne-based holding company, 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 more than $5.2 billion in transaction volume over the last decade.