Andover Properties Closes on “Thrifty Storage” in Florida
Andover Properties, LLC (dba Storage King USA) has recently acquired Thrifty Storage, a 23,650 net rentable square foot facility in Pensacola, Florida, marking its 14th purchase in the state, on the heels of completing a prior transaction in the state just two weeks earlier.
The property, currently consisting of a mix of climate controlled and drive up units, enjoys robust occupancy. According to Brian Cohen, Andover’s President, “This asset was below the radar of most people, allowing us to acquire it at a low basis. The property has frontage on Mobile Highway, which sees 20,000+ vehicles per day, and most of the existing stock is either on secondary roads and of older vintage.” The property sits on over 6.5 acres, and the company’s plan is to build a 55,000 square foot climate-controlled expansion. “We have another property in the area, allowing us to take advantage of management efficiencies, and, based on its performance, we believe there is significant room for rate growth at Thrifty,” states Michael Wachsman, Andover’s Director of Acquisitions. “At some future point”, he continues, “we may also build covered RV spaces.”
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, Mississippi, North and South Carolina, New Jersey, New York, 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 3.4 million rentable square feet across 27,100 units. Currently the firm owns and manages 32 self-storage facilities in 9 states totaling over 2.2 million rentable square feet and 16,000 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).