BUYER: Self Storage Properties Inc. (principals: Marcus and Amanda Brandenburg), Trinity
SELLER: Tavistock Investments LLC
PROPERTY: 1219 49th St. S., Gulfport
PRICE: $1.14 million
PREVIOUS PRICE: $600,000, February 2002
TITLE FIRM ON DEED: Fidelity National Title of Florida Inc., Tampa
PLANS, DESCRIPTION: Marcus and Amanda Brandenburg of Trinity purchased the 23,400-square-foot Storage House self-storage facility for $1.14 million.
The price equated to $49 per square foot.
The 12-year-old Gulfport property features two buildings on a 0.98-acre site. It houses a total of 183 self-storage units, including 142 climate-controlled units. Amenities include perimeter fencing, video surveillance, roll-up doors, gated entry, electronic security and a manager's office.
Adam Wides and Michael Mele of Marcus & Millichap's National Self-Storage Group in Tampa handled the transaction.
“For being 12 years old, the property was in really good shape,” Mele says. “Its occupancy was around 90%. Its economic occupancy lagged about 20% below that. It was really a hold for the investor. This is something where you would count on the cash flow to be there for the next 10 or so years.”
The buyers' entity Self Storage Properties Inc. received a small business loan for the property from Patriot Bank for $585,000.