BUYER: Dahn America360 Storage DST, Irvine, Calif.
SELLER: Hilco Investments Inc.
PROPERTY: 5717 W. 14th St., Bradenton
PRICE: $2.48 million
PREVIOUS PRICE: $805,000, July 1995
LAW FIRM ON DEED: Komninos Law Firm PA, Tampa
An investment group led by Irvine, Calif.-based Dahn America360 LLC purchased the 43,720-square-foot Kangaroom Self Storage for $2.48 million.
The price equated to $57 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($104) in the Tampa Bay area, according to the CoStar Group.
The 2.43-acre self-storage facility features 561 climate-controlled and standard storage units along with outdoor space for car, boat, truck, trailer and RV storage. The facility also has video surveillance and a perimeter fence.
“We identified that market as one we were interested in,” says Robert Bradley, executive vice president of the company. “We believe we can add value to that property. It wasn't distressed, but it was an older property, so we will be doing some updating to the front of the property and the management practices.”
The facility will be rebranded as a Mini U Storage.
Dahn America360 LLC and its related entities own and manage 65 self-storage facilities with 5 million square feet of space.
The purchase entity, Dahn America360 Storage DST, mortgaged the property to Wells Fargo Bank NA for $2.55 million.