Andover Properties Closes on “Savannah Self Storage” in Georgia
Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon has recently acquired Savannah Self Storage in Savannah, Georgia, marking its first purchase in the state.
The property consists of a mix of climate controlled and drive up units, as well as a car wash, an amenity which Andover has on other properties in its portfolio as well. According to Brian Cohen, Andover’s President, “We’re excited to be entering a new market, and feel we can benefit from purchasing an asset at a good basis with additional upside potential.” Savannah Self Storage is located right off I-516, which sees 57,000+ vehicles per day, sits on 3.41 acres, was constructed between 1996-2002, and spans 45,650 net rentable square feet across 376 drive-up and climate-controlled units. “The site can use more active management and marketing, and rates are below market relative to its competitors”, he explains. “In addition to bringing rates more in line with those of the market, we hope to generate value from either operating the car wash more efficiently – it doesn’t even have a website – or from tearing it down and in its place building more self storage units.”
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, Georgina, 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 and managed self-storage assets totaling nearly 3.9 million rentable square feet across 30,600 units. Currently the firm owns and manages 36 self-storage facilities in 10 states totaling over 2.6 million rentable square feet and 19,500 units. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self-Storage (storagekingusa.com).