Andover Properties Closes on “Old Lucerne Park Storage” in Florida
Andover Properties, LLC (dba Storage King USA) has recently acquired Old Lucerne Park Storage, its third property in Winter Haven, Florida.
“We like the income diversity this property offers. It contains both climate and drive-up storage, business/flex space, ample parking, and provides additional revenue sources from truck rental as well as cell tower income. Plus, we managed to acquire this asset at a very attractive basis,” Michael Wachsman, Director of Acquisitions for the firm, notes. He further states “This is the classic value-added play we look for. There is a lot of value that can be generated from providing Old Lucerne with high-quality, full-time institutional management, a dynamic website, better internet presence, pricing reflecting market conditions, as well as the economies generated by owning two other assets in the area.”
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 over 3 million rentable square feet across 25,100 units. Currently the firm owns and manages 29 self-storage facilities in 9 states totaling 2.0 million rentable square feet and 16,100 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)