Andover Properties Closes on Three Property Purchase in Mississippi
Andover Properties, LLC (dba Storage King USA) has just acquired a three property portfolio in Ocean Springs and Gulfport, MS. The purchase consists of two self storage facilities and a high-end, enclosed RV and boat storage facility, and has additional land for expansion. The Altogether, the properties span over 112,000 square feet and 700 units, including the RV parking. The deal is its latest transaction under its partnership with Angelo Gordon.
“This is our first acquisition in Mississippi and we are excited to expand our presence into our 10th state”, states Brian Cohen, Andover’s President. “The properties are on well trafficked roads, and have good visibility,” he continues. “The Ocean Springs facilities, in addition to self-storage and RV parking, are situated on 9.5 acres of land, on which we plan to develop both more additional self storage units as well as RV parking spaces.” Michael Wachsman, Director of Acquisitions for the company, further elaborates. “The current site has only 6 climate controlled units, and there is a pronounced need for more in the area. There is also a shortage of high-quality RV parking space, and we plan on filling that vacuum.” He further elaborates that the company’s business plan includes moving the rental office from a cramped, converted self storage unit into the much more spacious and well-appointed RV parking building, and to fully staff both self storage facilities, which were only minimally staffed by the prior ownership. He also says that though the company plans on a 30,000 NRSF climate controlled expansion, there is enough space to build more, “which we would either construct ourselves or leave as upside to the next potential buyer.”
The site will be integrated into the Storage King USA portfolio. New York City-based Andover Properties also 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 3.3 million rentable square feet across 26,300 units. Currently the firm owns and manages 33 self-storage and RV parking facilities in 10 states totaling nearly 2.3 million rentable square feet and 17,300 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).