New York City based Andover Properties closes on 64,000 SF “Scenic-City Self Storage” in Chattanooga TN
Andover Properties, LLC (dba STORAGE KING USA) – a private Real Estate Investment Company focusing on Self-Storage expands portfolio with Chattanooga TN acquisition.
Andover Properties, LLC (dba Storage King USA) has just acquired Scenic City Self Storage – a 64,000SF Self Storage Facility in Chattanooga Tennessee. Andover closed on the transaction in September of 2013.
The rebranded Storage King USA is located at 5027 Hixson Pike, Chattanooga, TN 37343 and features 445 Climate and Non-Climate Control self-storage rooms spread over 64,303 net rentable square feet among one (1) single-story and one (1) two-story building. The property also contains 50 uncovered Boat/RV surface units.
This is the first foray into the Chattanooga Tennessee market for New York City based Andover which owns and operates Self-Storage facilities in New Jersey, Pennsylvania and Florida, under its trade name Storage King USA (storagekingusa.com). Andover’s President, Brian Cohen describes the opportunity and investment as such,
“We’re excited about this acquisition and think we can bring great value to the property and surrounding area. We intend to expand the self-storage facility by adding size and additional storage-rooms, exterior drive up units and covered parking.”
About Andover Properties, LLC
Andover Properties, LLC, is a leading investor, owner, operator, and developer of real estate throughout the United States, based in Manhattan, New York. The firm focuses on the acquisition, development, and management of industrial, retail, and self-storage facilities primarily in the North East and Florida. Andover is regarded as a full-time leading sponsor in this area with expertise in all aspects related to these product types including acquisition, asset management, leasing, development, and dispositions. Its investors and partners include best in class global real estate private equity fund sponsors and high net worth individuals.
Since inception in 2003, Andover Properties, LLC has owned over $100 Million in self-storage assets through developing, acquiring, or purchasing loans totaling 1.6 million rentable square feet and over 14,000 units. Currently the firm owns and manages self-storage facilities totaling approximately 872,500 rentable square feet and 7,853 units and operates its own brand and management of its facilities under Storage King USA Self-Storage. (storagekingusa.com)