William Warren Group buys, rebranding Lock Tite Self Storage

BUYER: 4625 Clark SP LLC (principals: Clark Porter and Timothy and William Hobin), Santa Monica, Calif.
SELLER: Olde Sarasota Associates LLC
PROPERTY: 4625 Clark Road, Sarasota
PRICE: $7.5 million
PREVIOUS PRICE: $1.05 million, April 2002
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION: The William Warren Group purchased the 79,355-square-foot real estate of Lock Tite Self Storage for $7.5 million.

The price equated to $95 per square foot. That figure is higher than the two-year average price per square foot for industrial space ($46) in the Tampa Bay area, according to the CoStar Group.

The Santa Monica, Calif.-based self-storage development and management company paid an additional $600,000 for the business operations.

The Sarasota self-storage facility features 675 storage units.

“This asset provides a tremendous value-add opportunity and an ability to capitalize on Florida's continued economic rebound,” Bill Hobin, president and CEO of the William Warren Group, says in a press release. “This new property will help fill the growing storage needs of Sarasota-area residents.”

The new ownership will bring the property under its StorQuest Self Storage brand. The location will be its third facility in the greater Tampa area and 19th in Florida. The William Warren Group now has 96 locations in the company's operating portfolio, 57 of which are branded as StorQuest Self Storage. The William Warren Group also plans to increase the storage options and amenities of the Sarasota property with a truck and driver program and 24-hour customer support.

The company expects adding the StorQuest platform should improve the occupancy at the Sarasota self-storage facility through its, “more focused and innovative management system,” according to Hobin.

The purchase entity, 4625 Clark SP LLC, mortgaged the property to Bank of America NA for $5.7 million.