Andover Properties Closes on “Life Storage (Managed) Haslet” in Haslet, TX
Andover Properties, LLC (dba Storage King USA) has recently acquired Life Storage (Managed) Haslet, marking its second acquisition in the Dallas-Fort Worth metro area and eighth acquisition in the state of Texas.
The Class A, 78,850 SF single-story facility sits on nearly 9 acres and contains a mix of climate and non-climate controlled units, as well as outdoor parking. Located on Highway 287, the facility benefits from traffic counts of 32,000+ vehicles per day, high visibility, and significant surrounding commercial and residential development, including the 750-acre, master-planned Northstar housing development. “This is the second property we’ve closed on in the Dallas-Fort Worth metro area this month, and we will gain significant operational efficiencies with these facilities being about a 20-minute drive from each other,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “We believe this has a real competitive advantage being the only Class A facility with 100% single-story access, and this is reflected in the facility’s strong lease-up to date. Additionally, the outdoor parking units are essentially fully leased, and we are planning a sizeable expansion of these units to meet the demand.”
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 6.3 million rentable square feet across 48,500 units. Currently the firm owns and manages 64 self storage facilities in 16 states totaling 4.9 million rentable square feet and 36,500 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).