Andover Properties Closes on “Cliffdale Mini Storage” in Fayetteville, North Carolina
Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon, has recently acquired Cliffdale Mini Storage in Fayetteville, NC, making its fourth acquisition in Fayetteville and seventh acquisition in the state.
The property is an 80,435 SF predominantly drive-up facility located on Reilly Road, with visibility from the Reilly and Cliffdale Road intersection, which has daily traffic counts of 40,000 vehicles. “We are very excited to add another asset to our North Carolina portfolio,” states Brian Cohen, Andover’s President. “With these facilities being within a 10-20 minute drive of each other, this is another example of our team executing on its strategy to cluster locations together to gain significant management efficiencies.”
Michael Wachsman, Andover’s Director of Acquisitions, adds, “We are planning extensive capital improvements as part of our business plan, which, paired with our hands-on, institutional management, will result in improved performance at the facility and help right size rents to reflect current occupancy and market conditions.”
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 over 5.2 million rentable square feet across 40,500 units. Currently the firm owns and manages 55 self storage facilities in 13 states totaling over 3.9 million rentable square feet and 28,500 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).