Andover Properties Closes on “Extra Space Storage (Managed)” in Phoenix, AZ
Andover Properties, LLC (dba Storage King USA) has recently acquired Extra Space Storage (Managed) in Phoenix, AZ, marking its fourth acquisition in the Phoenix MSA and ninth facility in the state.
The ~55,000 NRSF and 670-unit facility consists of predominantly drive-up units, in addition to interior climate and non climate controlled units and open parking. The facility has great visibility and is located on N 19th Ave, which sees nearly 28,000 vehicles per day. “We are continuing to make great strides expanding our portfolio in the fastest growing county in the United States.” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “The facility enjoys stabilized occupancy and is located just 10 minutes away from a facility we recently acquired, which should allow for further operational efficiencies.”
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 8.5 million rentable square feet across 64,650 units. Currently the firm owns and manages 95 self storage facilities in 16 states totaling over 7.2 million rentable square feet and 53,000 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).