Elite Stor Capital Partners LLC, an equity investor focused on the self-storage industry, is converting the Carolina Forest Flea Market in Myrtle Beach, S.C., to a Storage Rentals of America facility. The company purchased the property at 4761 U.S. 501 in October, according to the source. Its proximity to a residential area was a draw for Elite, according to Donald Toler, chief operating officer.
The flea market, which opened more than 10 years ago, will close its doors on Jan. 15. The original move-out date for vendors was changed from Dec. 31 to Jan. 15 to offer them more time, the source reported. Some of the companies plan to hold an auction on Jan. 10.
“We have a lot of sadness going on,” said Beau Singletary, owner of Wind Over The Water Inc., a vendor at the market since 2015. “Some of our regular customers come in and they’re sad to see us go.”
Elite is a real estate investment company focused on the acquisition of self-storage properties as well as direct-equity investments with developers and operators. It doubled its footprint in 2016 to nearly 3 million square feet of storage space, according to company officials.
