Andover Properties Closes on “A+ Storage” in Columbia, TN
Andover Properties, LLC (dba Storage King USA) has recently acquired A+ Storage in Columbia, TN, marking its third acquisition in the state.
A+ Storage is a 70,200 NRSF single-story facility situated on approximately 4.52 acres, offering a mix of climate, non-climate, and parking. The property was developed in 2003 and expanded twice thereafter, most recently in 2017, when climate units were added. The facility sits adjacent to Nashville Highway, which sees an estimated 37,000 vehicles per day, and is just south of a 7.9M SF General Motors manufacturing plant which recently announced a $2B expansion. “We are focused on continuing to grow in TN and having a foothold in the Nashville MSA was an important component of that plan,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “We were attracted to the competitive position of this asset, and were impressed that the pace of lease-up from the expansion managed to remain strong despite COVID. We plan on continuing the lease up and stabilizing occupancy.”
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 6.9 million rentable square feet across 53,900 units. Currently the firm owns and manages 74 self storage facilities in 16 states totaling over 5.6 million rentable square feet and 41,900 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).