Andover Properties Closes on Multi State Portfolio
Andover Properties, LLC (dba Storage King USA) has recently acquired 18 properties in a multi-state portfolio transaction. Combined, the properties total over 1.3 million square feet of rentable space across 10,000 units.
Brian Cohen, Co-Founder and President of Andover Properties, said “We’ve had a very productive year thus far and are excited to continue to conduct transactions of this scope. We remain committed to execute our strategy of growing the platform by acquiring everything from individual assets to large portfolios in attractive markets.”
Michael Wachsman, Director of Acquisitions, adds “There is still a bit of value add to this portfolio, be it from leasing or building expansions, converting warehouses into self storage, re-instating truck income, or generating value from cap ex. We look forward to achieving the goals we set in our business plans for this transaction.”
Andover Properties will manage the properties under its Storage King USA brand. New York City-based Andover currently owns and operates self storage facilities in Arizona, California, Colorado, Florida, Georgia, Maryland, Michigan, Mississippi, North and South Carolina, New Jersey, New York, Ohio, Tennessee, Texas, 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. 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 6.15 million rentable square feet across 47,250 units. Currently the firm owns and manages 62 self storage facilities in 16 states totaling over 4.8 million rentable square feet and 35,300 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).