Quality Self Storage Kenneth City LLC has purchased a 93,146-square-foot self-storage facility in Sarasota, Fla., for $1.7 million, about half what the seller paid for it less than 10 years ago. Orlando, Fla.-based SS Washington LLC paid $3.28 million in 2004. The facility was built in 1973.
Although the commercial real estate market in Southwest Florida has started to show improvement, with increases in property sales and office-leasing activity, the market around Sarasota is still far from robust, according to the source.
In nearby Bradenton, Fla., for example, 36.2 percent of the general office space downtown is empty, and that figure is up slightly from the previous quarter. By comparison, the office-vacancy rate in downtown Sarasota is 12.6 percent, the Bradenton Herald reported.
In July, Storage Quest LLC of Winter Garden, Fla., purchased a similarly sized self-storage facility in Bradenton for approximately $6 million. The former Big Jim Self Storage facility has 90,964 square feet and sits on approximately 6 acres. It was built in 2003.
Quality Self Storage Kenneth City is based in Sarasota and managed by J. Bradford Baldwin.