Andover Properties Closes on “Space Self Storage” in Corpus Christi, TX
Andover Properties, LLC (dba Storage King USA) has recently acquired Space Self Storage in Corpus Christi, TX marking its 2nd acquisition in Corpus Christi and 22nd in the state.
The 41,000 NRSF single-story facility comprises 300 drive-up units and has excellent visibility from State Highway 358, which sees over 164,000 vehicles per day. Additionally, the property is located in a dense residential neighborhood and is just 10 minutes from an existing Storage King USA facility. “Buying an asset in such close proximity to an already existing store makes this a great bolt-on acquisition and allows us to gain further operational efficiencies” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “This property has been mom-and-pop run and has significant room for improvement. Our comprehensive marketing plan, outreach, and budget, in addition to significant capital improvements and enhanced signage, should enable us to finish leasing up the facility and then move rates 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 8.4 million rentable square feet across 63,900 units. Currently, the firm owns and manages 93 self-storage facilities in 16 states totaling over 7 million rentable square feet and 51,900 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).