Sarasota family investment group buys, repositioning South Venice Storage

BUYER: Big Jim VII LLC (manager: Dora Thomas), Sarasota
SELLER: South Venice Storage LLC
PROPERTY: 20 Circlewood Drive and 5005 Englewood Road, Venice

PRICE: $2 million
PREVIOUS PRICE: $1 million and $100,000, November 1998
LAW FIRM ON DEED: Williams Parker Harrison Dietz & Getzen, Sarasota

PLANS, DESCRIPTION:
A Sarasota family led by Dora Thomas purchased the 38,883-square-foot South Venice Storage for $2 million.

The price equated to $51 per square foot or $71 per rentable square foot. Both of the figures are more than the two-year average price per square foot for industrial space ($41) in the Tampa Bay area, according to the CoStar Group.

The 3.2-acre property features four buildings: three 23-year-old self-storage building and a single, 43-year-old store occupied by Yummies Donuts, Bakery & BBQ.

The new ownership plans to convert the self-storage facility over to the Big Jim Self Storage brand. The family owns five other Big Jim facilities in the Ruskin and Sarasota and Manatee counties area.

“It's in a great area relatively close to our [existing] Venice location,” Thomas says. “We are looking into expanding it. When we buy a property, we usually look to improve a little bit on the buildings with some upgrades and look for the potential to expand within the same footprint.”