Sarasota businessman Biter buys Brickyard Storage

BUYER: Tenir LLC, Walnut Creek, Calif.
SELLER: T.E.K. Investments Inc.
PROPERTY: 1746 10th Way, Sarasota
PRICE: $1.53 million
PREVIOUS PRICE: $230,000, February 2001
LAW FIRM ON DEED: Berlin Patten Ebling PLLC, Sarasota

PLANS, DESCRIPTION:
Sarasota software entrepreneur Jesse Biter purchased the 41,412-square-foot Brickyard Storage for $1.53 million.

The price equated to $37 per square foot. That figure is lower than the two-year average price per square foot for industrial space ($41) in the Tampa Bay area, according to the CoStar Group.

Occupying a little more than three acres, the downtown gated self-storage facility has a total of seven buildings. The property includes three warehouse buildings with office space, three single-story self-storage buildings, a two-story climate-controlled, self-storage building with a freight elevator and six vehicle storage spaces.

The entire facility was 50% occupied at the time of the sale.

Steve Horn of Ian Black Real Estate handled the transaction.

“It was built in '04 and '05 as City Storage,” Horn says. “It did very well during the boom, but when the recession hit, its business dropped off a little bit. What it needs is new blood and capital for marketing to get the occupancy up.”

The property was in decent shape, according to Horn, but the new ownership plans to address some deferred maintenance.