22 Jan Andover Properties Closes on “Thrifty Storage” in Florida
Andover Properties, LLC (dba Storage King USA) has recently acquired Thrifty Storage, a 23,650 net rentable square foot facility in Pensacola, Florida, marking its 14th purchase in the state, on the heels of completing a prior transaction in the state just two weeks earlier.
The property, currently consisting of a mix of climate controlled and drive up units, enjoys robust occupancy. According to Brian Cohen, Andover’s President, “This asset was below the radar of most people, allowing us to acquire it at a low basis. The property has frontage on Mobile Highway, which sees 20,000+ vehicles per day, and most of the existing stock is either on secondary roads and of older vintage.” The property sits on over 6.5 acres, and the company’s plan is to build a 55,000 square foot climate-controlled expansion. “We have another property in the area, allowing us to take advantage of management efficiencies, and, based on its performance, we believe there is significant room for rate growth at Thrifty,” states Michael Wachsman, Andover’s Director of Acquisitions. “At some future point”, he continues, “we may also build covered RV spaces.”
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).