Budget Self Storage plans U.S. 41 development

BUYER: Sandrala Storage Associates LLC (managers: Richard Bennett and Jonathan Dorman), Sarasota
SELLER: Mario Comparetto LLC
PROPERTY: 4511 S. Tamiami Trail and 2015 Sandrala Drive, Sarasota
PRICE: $1.9 million
PREVIOUS PRICE: $150,000, January 1978 and $53,100, August 2014
LAW FIRM ON DEED: Shutts & Bowen LLP, Sarasota

PLANS, DESCRIPTION:
Sarasota-based Budget Self Storage purchased a 9,163-square-foot retail strip center and an adjacent 16,000-square-foot residential vacant lot for $1.9 million.

The buyer plans to demolish the 58-year-old retail center and use the combined 0.9 acres to develop a self-storage facility. With more than 73,000 square feet of climate-controlled storage space, the new facility will have 640 units and three stories.

“We hope to start the demolition in May and break ground in June,” says Jon Dorman, president of StorCon Development and vice president of Budget Management Inc. “We're in for permitting right now.”

Dorman says the firm was drawn to the site for its location along U.S. 41 and past positive experience with three other Sarasota self-storage locations.

Budget Self Storage has nine locations and is building a new facility in Orlando.

The purchase entity, Sandrala Storage Associates LLC, mortgaged the property to Equity Exchange Services Inc. for $1.4 million.