Andover Properties Closes on CubeSmart property in Virginia
Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon, has recently acquired a CubeSmart-managed property in Roanoke, VA.
The property is a 56,900 SF drive-up facility nestled among residential neighborhoods on a road that experiences heavy local traffic. “We’ve acquired this property at a good basis and will benefit from the easy onboarding of this property into the Storage King USA brand, especially as we own another asset just 1.3 miles away” states Brian Cohen, Andover’s President. Further, continues Mr. Cohen, “there are acres of unused land, and significant value can be realized from constructing either a climate-controlled expansion, or building covered RV, though our business plan does not account for it.” Michael Wachsman, Andover’s Director of Acquisitions, adds, “Though the prior owner has made great strides in lifting occupancy at the property, they’ve only owned it for a little over a year and there is still plenty of work to do to get the property to reach its potential.”
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, Georgia, Maryland, Mississippi, North and South Carolina, New Jersey, New York, Tennessee, Virginia, Arizona, Ohio, and Colorado under its trade name Storage King USA (https://www.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. 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 or managed self storage assets totaling 4.3 million rentable square feet across 33,500 units. Currently the firm owns and manages 41 self storage facilities in 13 states totaling over 2.9 million rentable square feet and 21,600 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).