PS Florida One Inc., an affiliate of real estate investment trust (REIT) Public Storage Inc., has acquired Budget Self Storage at 6801 Cortez Road W. in Bradenton, Fla., for $8.58 million. The facility comprises 67,171 square feet on 4.4 acres. It was purchased from Sarasota, Fla.-based Corsoto Storage Associates LLC, according to the source.
Founded in 1985, Budget Self Storage acquires, develops, manages and operates storage facilities. Its remaining portfolio comprises six Florida locations. Its management arm, Budget Management Inc., is responsible for all aspects of facility operation, according to the company website. Related company StorCon Development LLC, coordinates site selection, research, development and construction of new Budget facilities. Jonathan Dorman, president of StorCon and vice president of Budget Management, according to his LinkedIn page, managed Corsoto Storage Associates, the source reported.
Public Storage operates nine other self-storage facilities in Manatee and Sarasota Counties, according to the source. Based in Glendale, Calif., the REIT has interests in 2,266 self-storage facilities in 38 states, with approximately 147 million net rentable square feet. Operating under the Shurgard brand name, the company also has 217 facilities in seven European countries, with approximately 11 million net rentable square feet.
- Budget Self Storage: Website
- Herald-Tribune: Self-Storage Center Sells for $8.5 Million; It Works Owner Buys 1,955 Acres
- LinkedIn: Jonathan Dorman