Andover Properties Closes on “Life Storage (Managed) Galm Road” in San Antonio, TX
Andover Properties, LLC (dba Storage King USA) has recently acquired Life Storage (Managed) Galm Road, marking its first acquisition in San Antonio and seventh acquisition in the state of Texas this year.
The 66,300 SF multi-story facility is located at the intersection of Galm and Culebra Road, which experiences an average daily traffic count in excess of 24,000 vehicles and has convenient access to busy thoroughfares such as Loop 1604. The facility, built in 2018 and formerly managed by LifeStorage, consists of predominantly climate-controlled units, which can be accessed on both the ground floor and upper floor via two elevators, as well as drive-up units on the periphery. “This is a Class A facility that has had tremendous lease-up velocity in the two years it’s been open, which is partly attributed to the exploding population in this Northwest submarket of San Antonio,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “With our hands-on, management, we will continue this strong performance with a focus on stabilizing occupancy and bringing rents up to market.”
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 6.2 million rentable square feet across 47,800 units. Currently the firm owns and manages 63 self storage facilities in 16 states totaling 4.9 million rentable square feet and 35,800 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).