Big Jim Self Storage of Bradenton, Fla., Sells for $6M

Big Jim Self Storage in Bradenton, Fla., was recently sold from Big Jim III LLC of Sarasota, Fla., to Storage Quest LLC of Winter Garden, Fla., for approximately $6 million. Located at 6403 State Road 64 E., the 90,964-square-foot facility sits on approximately 6 acres of land. It contains 626 storage units.

Big Jim Self Storage in Bradenton, Fla., was recently sold from Big Jim III LLC of Sarasota, Fla., to Storage Quest LLC of Winter Garden, Fla., for approximately $6 million. Located at 6403 State Road 64 E., the 90,964-square-foot facility sits on approximately 6 acres of land. It contains 626 storage units, 457 of which are climate-controlled, and was built in 2003.

Big Jim Self Storage of Bradenton, Fla.***Marcus & Millichap Real Estate Investment Services brokered the transaction. Both buyer and seller were represented by Michael Mele, a first vice president of investments for the firm and senior director of its National Self-Storage Group in the Tampa, Fla., office.

"This self-storage transaction is an indicator of how competitive the market is for class-A properties," Mele said. "I think it is fair to say that cap rates for high-quality facilities like Big Jim are back to pre-crash levels."

In February, Big Jim IV LLC bought a similar 57,000-square-foot property in North Port, Fla., from AERL LC, a subsidiary of American Equity Life Insurance Co., for $2.05 million. The building formerly belonged to Toledo Blade Self Storage LLC, a Naples, Fla., company that paid $972,400 for it in June 2006. Toledo Blade defaulted on a $3.75 million loan from American Equity Life in May 2010.

Like Big Jim III, Big Jim IV is a Sarasota company that lists Dora Maria Thomas as its registered agent.

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