Andover Properties Closes on “RoboVault” in Florida
Andover Properties, LLC (dba Storage King USA), in Partnership with Angelo Gordon, has just acquired RoboVault Self Storage, an 82,000 square foot facility in Ft Lauderdale, Florida, further expanding its presence in the state. The company has already completed 14 transactions in Florida and has another development weeks away from opening.
The property, explains Brian Cohen, Andover’s President, “is a truly unique asset, the only one of its kind in the country. A robotic arm automatically retrieves units, thereby ensuring secure storage without human impact or the hassle of navigating elevators or extensive hallways. Rather than having to go to their units, tenants can access any of seven loading bays, each of which are inside the facility and climate controlled, and their units are brought to them, thereby sparing tenants the inconvenience of any adverse weather. The building itself boasts units located at least 30 feet above sea level and steel-reinforced concrete construction that is resistant to a Category 5 hurricane. Comprising climate-controlled storage, temperature and humidity-controlled wine storage, high-end automobile storage complete with a maintenance package, safe deposit boxes, and fine art storage, it is unparalleled in amenities. To top it all off, it has an unimpeded view from two major highways, Interstate 595 and U.S. Highway 1, which report over 81,000 and 65,000 vehicles a day, respectively, thus giving it great visibility. We are truly excited to be owning and operating this premier asset, and we think it will make a wonderful addition to our portfolio.”
The company’s business plan, according to Michael Wachsman, Andover’s Director of Acquisitions, is to “align property rents with those of the market, thereby increasing occupancy. Further, there is unused internal space that can be converted into self storage, and we plan on constructing flex spaces on the exterior of the property.”
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 3.5 million rentable square feet across 27,700 units. Currently the firm owns and manages 33 self-storage facilities in 9 states totaling over 2.3 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).