Odessa Storage Haven sells for $1.66 million

BUYER: BDB Storage LLC dba Storage Haven (principals: Brenda and Donald Baarman), Orlando

SELLER: GBTT Storage Group LLC

PROPERTY: 2135 Gunn Highway, Odessa

PRICE: $1.66 million

PREVIOUS PRICE: $200,000, March 2001

TITLE FIRM ON DEED: American Home Title of Tampa Bay Inc., Tampa

PLANS, DESCRIPTION: A purchase entity led by Brenda and Donald Baarman of Orlando purchased the 32,220-square-foot Storage Haven for $1.66 million.

The price equated to $52 per square foot.

The self-storage facility was built in 2001, expanded in 2003 and is 94% occupied. It features 296 self-storage units, including 93 climate-controlled units and 14 RV or boat parking spaces. The 2.33-acre property is currently generating $137,967 in net operating income.

Michael Mele and Adam Wides of Marcus & Millichap's Tampa office handled the transaction.

“This was a cash-flowing play for the buyer,” Wides says. “It was a very clean deal, which in today's market is a little unusual.”

The purchase entity BDB Storage LLC mortgaged the property to Patriot Bank for $850,000 and $595,000.

“Over the last 40 storage deals I've done I would say only two others involved financing,” Wides says. “I think it's a clear sign that things are starting to improve. For cash-flowing properties, there is capital available, if you have a credible sponsor and the numbers make sense.”