Andover Properties Acquires “Maxi Self Storage” in Naples, FL
Andover Properties, LLC (dba Storage King USA) has recently acquired “Maxi Self Storage” in Naples, FL, its 29th in the state. The 42,000 NRSF facility offers climate and non-climate-controlled space across 387 storage units. It is conveniently located and is easily accessed on Radio Road. Due to its prime location, the facility has enjoyed strong occupancy.
“We are pleased to acquire such a prime asset in Naples, an extremely high barrier-to-entry market where it is difficult and expensive to construct new storage facilities,” states Brian Cohen, President and CEO of Andover Properties. “We look forward to providing Naples residents with a professionally-managed storage experience now that we have taken over this property.”
“Acquiring this asset from a mom-and-pop owner presents many areas for us to apply our institutional standards to drive operational improvements,” explains Michael Wachsman, Andover’s Director of Acquisitions, “Among other things, we plan to create a website for the property so that our customers can seamlessly rent online, and our comprehensive capital improvement plan will enhance the property’s curb appeal and competitive position in the marketplace.”
About Andover Properties, LLC
Andover Properties, LLC is an investment firm that owns, operates, and develops commercial property throughout the United States. The firm focuses on self storage, car wash, retail, and industrial assets. We are one of the largest private owner-operators of self storage facilities in the United States. Our current self storage portfolio totals over 8.3 million rentable square feet across 113 facilities in 16 states and operates under our Storage King USA brand (https://www.storagekingusa.com).
We are a best-in-class, vertically-integrated, owner-operator with entrepreneurial spirit and expertise in acquisitions, development, capital markets, investment structuring, property management, and asset management. Our senior leaders have over 135 years of combined real estate experience and our investors and partners include global institutional investors and high net worth individuals.
Andover was founded in 2003 by Brian and William Cohen and is headquartered in New York City with offices in Miami and San Francisco.