Andover Properties Closes on “CubeSmart Self Storage” in Phoenix, AZ
Andover Properties, LLC (dba Storage King USA) has recently acquired CubeSmart Self Storage in Phoenix, AZ, marking its third acquisition in the Phoenix MSA and eighth in the state.
The 72,388 NRSF multi-story property, which opened in September 2018, is 100% climate controlled. The property is well situated at the intersection of W Glendale Ave and N 19th Ave, which see over 40,000 and 29,000 vehicles per day, respectively. “This property is one of the top Class A assets in the market and helps to bolster our Phoenix portfolio offerings, which predominantly have been non-climate and drive-up facilities” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “This property has had rapid lease-up growth to date given its high-end construction quality and prime location at a busy intersection. Our business plan is to stabilize occupancy and 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 nearly 8 million rentable square feet across 61,000 units. Currently, the firm owns and manages 86 self-storage facilities in 16 states totaling over 6.6 million rentable square feet and 48,800 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).