Andover Properties Closes on “Storage 365” in Garland, TX
Andover Properties, LLC (dba Storage King USA) has recently acquired Storage 365 in Garland, TX, marking its third acquisition in the Dallas-Fort Worth MSA and twelfth in the state.
The 80,250 NRSF multi-story property, which opened in 2018, predominantly consists of climate-controlled units, in addition to drive-up and parking units along the periphery. The property is well situated right off I-30, a major access throughway into Dallas, and which sees over 140,000 vehicles per day. “This is a phenomenal Class A asset which provides us with further scale in a Tier 1 market” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “We were immediately drawn to this asset given its impressive construction quality and strategic location. Our business plan is to finish leasing up the facility and to bring rates up to the market.”
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 its inception in 2003, Andover Properties, LLC has owned or managed self-storage assets totaling over 7.4 million rentable square feet across 57,500 units. Currently, the firm owns and manages 79 self-storage facilities in 16 states totaling over 6 million rentable square feet and 45,600 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).