Andover Properties Closes on “Fig Garden Self Storage” in Fresno, California
Andover Properties, LLC (dba Storage King USA) has recently acquired Fig Garden Self Storage in Fresno, California.
The property is a 70,273 SF facility, containing a mix of interior non-climate and drive up units. The property is ideally situated within a thriving corridor of Fresno, which is the state’s largest inland city, and benefits from a robust population exceeding 115,000 individuals within three miles of the site. Additionally, the facility offers direct frontage along North Golden State Boulevard, which sees over 23,000 vehicles daily. “This is a very exciting acquisition for Andover, making it our third facility in the state as we continue our growth to the West Coast,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “While this property has enjoyed historically strong physical occupancy, we are planning extensive capital improvements as part of our business plan, which, paired with our hands-on, institutional management, will allow us to improve economic occupancy as we close the gap in rates between it and its competitors.”
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, California, 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 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).