Andover Properties Closes on “AAA Storage” in Minneola, Florida
Andover Properties, LLC (dba Storage King USA) has recently acquired AAA Storage, a 75,000 square-foot facility containing over 600 units, located in Minneola, Florida.
“The property is on heavily-trafficked US-27, which has an average daily volume of 28,000 cars per day. It is adjacent to a busy Dollar General, and is situated in a corridor containing both existing and planned residential developments, as well as retail establishments such as Walgreen’s, CVS, Dunkin Donuts, and McDonald’s,” comments Michael Wachsman, Director of Acquisitions for the firm. He further notes that the population of Minneola, a suburb of Orlando, has been experiencing strong growth and that the city recently got its own exit on the Florida Turnpike. Andover intends to modernize the facility through rehabilitating the older structures and adding security and lighting.
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 million rentable square feet across 24,700 units. Currently the firm owns and manages 28 self-storage facilities in 9 states totaling 1.9 million rentable square feet and 15,650 units. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self-Storage (storagekingusa.com).