05 Jun Andover Properties Closes on “Socrum Self Storage” in Florida
Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon has recently acquired Socrum Self Storage, a 91,150 net rentable square foot facility in Lakeland, Florida, marking its 15th purchase in the state, on the heels of completing a prior transaction in the state just two weeks earlier.
The property consists of a mix of climate controlled and drive up units. According to Brian Cohen, Andover’s President, “This asset is a great fit into our existing geographic footprint, as we have another property within 10 miles, in nearby Polk City, as well as several other stores in the Winter Haven area.” Socrum has frontage on US Highway 98, which sees 15,000+ vehicles per day, sits on 6.78 acres, was constructed in three phases from 1997-2004, and spans 91,550 net rentable square feet across 747 drive-up and climate-controlled units. “Many units were out of service due to roof repairs, which have now been completed, and we look forward to leasing them up”, explains Michael Wachsman, Andover’s Director of Acquisitions. “This is the only facility in the area not owned by a REIT or a regional player, and as such there is opportunity to bring rates more in line with those of the market”, he continued.
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 3.6 million rentable square feet across 28,500 units. Currently the firm owns and manages 33 self-storage facilities in 9 states totaling over 2.4 million rentable square feet and 17,300 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).