04 Dec Andover Properties Closes on “Ace Storage” in Florida
Andover Properties, LLC (dba Storage King USA) has recently acquired Ace Storage, a 62,000 net rentable square foot facility in Polk City, Florida. The deal is its thirteenth purchase in the state, and its sixth transaction under its partnership with Angelo Gordon.
The property, currently consisting of drive up units, is situated on over 16 acres. According to Brian Cohen, Andover’s President, “We purchased the asset at a very attractive basis. The area around the property has experienced historically strong population growth, which is expected to continue. And most of Polk City is in an Opportunity Zone, which should spur further development.” The company’s plan, according to Michael Wachsman, its Director of Acquisitions, is “to lease up the property, which is not achieving its occupancy potential due to a lack of advertising and internet presence, align rates at the property with those of the broader market, and to build a 30,000 square foot climate-controlled expansion along with covered RV parking.”
The site will be integrated into the Storage King USA portfolio. New York City-based Andover Properties owns and operates self-storage facilities in Florida, Maryland, Mississippi, North and South Carolina, New Jersey, New York, Tennessee and Virginia under its trade name Storage King USA (storagekingusa.com)
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 primarily in the North and South East. 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 self-storage assets totaling over 3.4 million rentable square feet across 26,900 units. Currently the firm owns and manages 31 self-storage facilities in 9 states totaling over 2.2 million rentable square feet and 15,700 units, and is developing two facilities as well. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self-Storage (storagekingusa.com).