USA Self Storage Owner Buys Marina Property in Beaumont, TX

USA Self Storage Owner Buys Marina Property in Beaumont, TX
07/04/2016 , by , in INTERNATIONAL

Scott Monroe, owner of USA Self Storage has acquired a 30-acre, city-owned property in Beaumont, Texas, for $1.475 million, according to insideselfstorage.

The property at 560 Marina St. has housed the Beaumont Yacht Club for 58 years and includes 5,000 feet of water frontage and 123,800 square feet of improvements, including dry and wet boat storage, and a marina. Monroe intends to invest $2 million to develop an RV park and possibly a waterfront restaurant, according to a source.

USA Self Storage has a history of developing RV parks, including Marina Bay RV Resort in Kemah, Texas. The Kemah facility was built in 2004 and includes all-concrete drives and pads, 30/50 hook-ups with cable, and pull-throughs that accommodate big-rigs, according to the Marina Bay website. Amenities include two community rooms, an exercise room, three laundry facilities and three swimming pools.

The city council unanimously accepted Monroe’s purchase on Tuesday. The move is controversial because the yacht club had worked to finance a bid of $1.175 million, which was the appraised value of the site, according to a report by the “Beaumont Enterprise.” The private club had paid $7,500 a month to lease the property until last September, when members tried to renegotiate. The city altered the lease to a 30-day, month-to-month term at $2,500 per month. The club will now have to vacate the property.

Three other potential buyers also placed bids. Monroe secured the purchase with a $50,000 deposit.

Prior to the council vote, John Guedry, the yacht club’s bookkeeper, said club members had contributed $2.8 million in improvements on the property over the years, including a $550,000 loan from the U.S. Small Business Administration in 2008 after the club sustained damage from Hurricane Ike. Improvements included a bulkhead, new dry stalls and a new fuel tank, according to the source.

The marina includes 68 covered slips, 82 dry stalls and 14 open slips. The club had intended to build more dry stalls, according to board member Don Williams. “We were blindsided by this,” he told the “Beaumont Enterprise.” “If this is not about money, then what in the world is it about?”

Selling the property to Monroe was in “the best interest of the city,” city manager Kyle Hayes told the source.

USA Self Storage was founded in 1993, according to the Corporation Wiki website. Monroe is linked to several Texas businesses.

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