Stoic Equity Partners Expands Presence In Baldwin County

FAIRHOPE, Ala. — Stoic Equity Partners recently added 74,325 net rentable square feet to its Fairhope Self Storage portfolio by acquiring Inland Boat and Storage in December to expand its presence in the market to 107,500 net rentable square feet, Yahoo! Finance reported. Stoic currently owns 33,395 net rentable square feet in the market and will manage the assets together. Both Fairhope facilities will be third-party managed by StoreEase of Birmingham. Stoic was able to close on the acquisition within 55 days of contract and utilized commercial mortgage-backed securities debt to finance the purchase. Stoic co-sponsored the 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 more than $5.2 billion 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.