New York City based Andover Properties closes on 3 Property Portfolio – 223,520 SF “AAA All-American Self Storage” in Fayetteville NC
Andover Properties, LLC (dba STORAGE KING USA) – a private Real Estate Investment Company focusing on Self-Storage expands portfolio with Fayetteville NC portfolio acquisition.
Andover Properties, LLC (dba Storage King USA) has just acquired AAA All American Self Storage – a 223,520 square foot, three property portfolio of self storage facilities in Fayetteville NC. Andover closed on the transaction April 23rd 2014.
The rebranded STORAGE KING USA facilities are located at 3216 Midpine Rd. Fayetteville, NC 28306, 5799 Pepperbush Dr. Fayetteville, NC 28304 and 4928 US Hwy 301 S. Hope Mills, NC 28348. They feature over 1,650 Climate and Non-Climate Control self-storage rooms spread over 223,520 net rentable square feet. The properties also contain in aggregate over 100 uncovered Boat and RV surface parking units and flex office space.
This is the first foray into the Fayetteville North Carolina market for New York City based Andover which owns and operates Self-Storage facilities in New Jersey, Pennsylvania, Florida and Tennessee 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 properties and surrounding area. We intend to expand one of the facilities by adding an additional building.”
About Andover Properties, LLC
Andover Properties, LLC, is an 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 and South East. 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, property management, 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 self-storage assets valued over $100 million through developing, acquiring, or purchasing loans totaling 1.8 million rentable square feet and over 16,000 units. Currently the firm owns and manages self-storage facilities totaling 1.096 million rentable square feet and 9,509 units. Andover Properties, LLC manages and operates its facilities under its own brand Storage King USA Self-Storage. (storagekingusa.com)
Andover Properties, LLC is solely owned by Brian and William Cohen.