Andover Properties Closes on “Security Storage” in Florida
Andover Properties, LLC (dba Storage King USA) has recently acquired Security Storage, an 88,000+ square foot facility in Spring Hill, Florida. The deal is its twelfth purchase in the state, and its fifth transaction under its newly-formed partnership with Angelo Gordon, with whom Andover has done deals in the past.
In addition to self-storage and commercial units, the property came with a significant land component, 54 acres in total. According to Brian Cohen, Andover’s President, the company’s plan is “to fix up the existing units, which haven’t been touched since initially built, perform deferred maintenance on the property, and construct a new climate-controlled building”, which will be an additional 50,000 net rentable square feet. They also plan on building a new rental office, which, together with the expansion, should give “the property the presence it deserves given its size and placement on a very busy highway which has traffic counts in excess of 42,000 vehicles daily”, he continues. He also says that the partnership is pursuing either a sale of the excess land or develop it with flex space and industrial buildings.
The site will be integrated into the Storage King USA portfolio. New York City-based Andover Properties owns and operates self-storage facilities in Florida, Maryland, North and South Carolina, New Jersey, New York, 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, conversion, 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 totaling nearly 3.2 million rentable square feet across 25,500 units. Currently the firm owns and manages 30 self-storage facilities in 9 states totaling over 2.1 million rentable square feet and 16,500 units, and is developing two facilities as well. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self-Storage (storagekingusa.com).