BUYER: BDB Storage LLC dba Storage Haven (principals: Brenda and Donald Baarman), Orlando
SELLER: GBTT Storage Group LLC
PROPERTY: 2135 Gunn Highway, Odessa
PRICE: $1.66 million
PREVIOUS PRICE: $200,000, March 2001
TITLE FIRM ON DEED: American Home Title of Tampa Bay Inc., Tampa
PLANS, DESCRIPTION: A purchase entity led by Brenda and Donald Baarman of Orlando purchased the 32,220-square-foot Storage Haven for $1.66 million.
The price equated to $52 per square foot.
The self-storage facility was built in 2001, expanded in 2003 and is 94% occupied. It features 296 self-storage units, including 93 climate-controlled units and 14 RV or boat parking spaces. The 2.33-acre property is currently generating $137,967 in net operating income.
Michael Mele and Adam Wides of Marcus & Millichap's Tampa office handled the transaction.
“This was a cash-flowing play for the buyer,” Wides says. “It was a very clean deal, which in today's market is a little unusual.”
The purchase entity BDB Storage LLC mortgaged the property to Patriot Bank for $850,000 and $595,000.
“Over the last 40 storage deals I've done I would say only two others involved financing,” Wides says. “I think it's a clear sign that things are starting to improve. For cash-flowing properties, there is capital available, if you have a credible sponsor and the numbers make sense.”