Andover Properties Closes on “Olive Road Mini Storage” in Pensacola, Florida
Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon, has recently acquired Olive Road Mini Storage in Pensacola, FL, making its third acquisition in the area and 21st acquisition in the state.
The property is a 46,715 SF facility, containing a mix of climate and drive up units. The property is situated in a residential area on Olive Road, a major area road, with over 18,000 vehicles per day, and which also leads or provides access to three major highways, all less than a mile away. “This is a continuation of our strategy of gaining management efficiencies and building up a presence in markets we like by strategically acquiring properties in a specific area,” states Brian Cohen, Andover’s President.
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.”
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, Texas and Colorado 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. 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 41,800 units. Currently the firm owns and manages 56 self storage facilities in 14 states totaling over 3.9 million rentable square feet and 29,800 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).