The William Warren Group (WWG), a privately held real estate company that operates the StorQuest Self Storage brand, purchased Lock Tite Self Storage in Sarasota, Fla., for $8.1 million. It is the company’s third property in Greater Tampa and 19th in its Florida portfolio. The facility will be rebranded under the StorQuest name.
The single-story property at 4625 Clark Road is on the north side of Highway 72, just west of Interstate 75. Built in 2003, the five buildings include 79,355 rentable square feet and 675 units, 40 of which are dedicated to wine storage. Several renovations have been made to the property in the last three years including upgrades to six HVAC units, paint and exterior stucco sealing. Amenities include 24-hour gate access, a business center, drive-up units, free access to a company rental truck and driver, tenant insurance and online bill pay.
“This asset provides a tremendous value-add opportunity and an ability to capitalize on Florida’s continued economic rebound,” said Bill Hobin, WWG President and CEO. “This new property will help fill the growing storage needs of Sarasota-area residents. We look forward to providing them with superior service for their belongings.”
Stanley B. Kane and Edward L. Kalin of Olde Sarasota Associates LLC brokered the transaction. Kalin purchased the land in 1988 for $1.45 million.
Based in Santa Monica, Calif., WWG develops, acquires and operates self-storage assets in major U.S. metropolitan markets. Until recently, its portfolio was concentrated primarily in California, with additional properties in Arizona, Colorado and Hawaii. The company now has 96 facilities in its operating portfolio, 57 of which are branded as StorQuest.