14 May Andover Properties Closes on “West Side Storage” in Ohio
Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon has recently acquired West Side Storage in Akron, Ohio, marking its first purchase in the state.
The property is a 57,000 square foot climate-controlled facility and sits on over 12 acres, part of which Andover plans on using to build an expansion. According to Brian Cohen, Andover’s President, “This is the third consecutive new market we’ve entered into in as many deals, underscoring our stated goal of becoming a truly national company. We are attracted to this area’s demographics and feel that, with more active management and marketing, along with the significant amount of funds we’ve set aside for capital improvements, we can reposition the asset and close the gap in rates between it and its competitors.” Adds Michael Wachsman, Andover’s Director of Acquisitions, “the fact that we are able to still close deals in today’s present environment is a testament to the strength of our and our partner’s abilities to source and continue to execute upon compelling transactions.”
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, Georgia, Maryland, Mississippi, North and South Carolina, New Jersey, New York, Tennessee, Virginia, Arizona, and Ohio 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. 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 or managed self storage assets totaling over 4 million rentable square feet across 32,300 units. Currently the firm owns and manages 38 self storage facilities in 12 states totaling over 2.7 million rentable square feet and 20,300 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).