Andover Properties Closes on “Stor-Mor Self Storage” in Colorado Springs, CO
Andover Properties, LLC (dba Storage King USA) has recently acquired Stor-Mor Self Storage in Colorado Springs, adding to its holdings in the state of Colorado.
The property, a 67,300 NRSF single-story drive-up facility with an on-site manager’s apartment, spans 4.2 acres and sits on highly-trafficked E. Platte Ave, which sees 39,000 vehicles per day. The facility is near the Citadel Mall, a regional shopping center, as well as the 69-acre site that Amazon has purchased for its new 4 million SF distribution and sorting center, which is one of the largest commercial building projects in the history of Colorado Springs, projected to add 1,000 jobs to the area. “We are actively looking to grow in the state of Colorado and are excited to have closed on this property which sits in a highly desirable pocket of the city,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “Our strategy is to implement active, institutional management and marketing, which, in addition to significant capital improvements, will allow us to increase occupancy and enable to facility to reach its full economic potential.”
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 nearly 6.9 million rentable square feet across 53,300 units. Currently the firm owns and manages 73 self storage facilities in 16 states totaling over 5.5 million rentable square feet and 41,300 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).