Andover Properties Acquires “Copper Safe Storage” in Panama City, FL
Andover Properties (dba Storage King USA) has recently acquired “Copper Safe Storage,” located in Panama City, FL. The 62,500 square foot property, newly constructed in 2021, contains a mix of climate and non climate options across its 547 units. The property is fully automated and contactless, allowing customers to rent on their phone or at the property’s kiosks.
“The facility has achieved 45% occupancy in just 5 months since opening, a testament to its desirable location and quality, said Michael Wachsman, Andover’s Director of Acquisitions. “We own several facilities in Tallahassee and Pensacola; Panama City is the largest city between the two, and this acquisition strategically expands our presence in the region.”
The Storage King USA portfolio now totals 122 facilities in 16 states across the country, with 31 in Florida.
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, RV, 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 portfolio totals over 9.2 million rentable square feet across 122 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 200 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.