Andover Properties closes on approx. 53,700 SF “Dundee Self Storage” in Dundee, Florida
Andover Properties, LLC (dba Storage King USA) has recently acquired Dundee Self Storage – a Class A, 53,700 SF Self Storage facility in Dundee, FL. Andover closed on the transaction on February 18, 2016.
The property is situated on 7.75 acres, is located at 29500 Hwy 27, Dundee, FL 33838, and features 370 self-storage rooms, in addition to offices, a manager’s apartment, and parking. There is ample room for expansion at the site, and Andover intends on building an additional 24,000 square feet of climate controlled storage. Property amenities include perimeter fencing, gated access, and 24 hour video surveillance.
“This is really the nicest facility in the area, and the property will nicely complement our recent Winter Haven acquisition, allowing cross selling as well as enabling us to capitalize on efficiencies from having facilities so close by to each other” comments Michael Wachsman, Director of Acquisitions for the firm. “In addition, we can stage the expansion at both sites, thereby minimizing disruption to existing tenants during construction. Or, we have the flexibility to build out more units at one site and expand the parking on the other, based on the market” he adds.
The property expands the company’s presence in Florida, currently 8 sites, and will be integrated into the Storage King USA portfolio, joining the 22 already existing properties it owns and operates.
New York City-based Andover Properties owns and operates a total of 23 self-storage facilities in Florida, Maryland, North Carolina, New Jersey, Pennsylvania, Tennessee and Virginia under its trade name Storage King USA (storagekingusa.com).
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 a leading sponsor in this area with expertise in all aspects related to these product types including acquisitions, asset management, leasing, property management, development and dispositions. Its investors and partners include global institutional real estate private equity funds and high net worth individuals.
Since inception in 2003, Andover Properties, LLC has owned self-storage assets valued over $200 million, totaling over 2.7 million rentable square feet across 22,000 units. Currently the firm owns and manages 23 self-storage facilities in 8 states totaling nearly 1.65 million rentable square feet and 13,000 units. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self-Storage (storagekingusa.com).