Andover Properties Acquires First Self Storage Facility In Indiana
Asset Offers Climate Controlled Self Storage and Retail
NEW YORK, NY – Andover Properties is pleased to announce the expansion of its Storage King USA portfolio into Indiana with the acquisition of a property in South Bend, IN. Storage King USA now offers its customers safe and reliable storage options in 17 states across the country.
The property, recently converted to self storage in 2019, offers 40,000 square feet of climate controlled self storage in addition to 44,000 square feet of retail space, which is leased to tenants such as Planet Fitness and Family Dollar Stores. The property will be rebranded under Andover’s Storage King USA brand.
“We are excited to expand our footprint to Indiana and will look to grow our presence there as we continually increase the geographic diversity of the Storage King USA portfolio,” said Brian Cohen, Andover’s President and CEO.
Michael Wachsman, Director of Acquisitions at Andover, added: “This property’s retail space is a value creation opportunity for us on this transaction. We will seek to lease up the current vacancy through hands-on, active management, and also evaluate the potential to convert portions of the retail to additional self storage as the leases expire.”
The Storage King USA portfolio now totals 139 facilities in 17 states across the country.
About Andover Properties, LLC
Andover Properties, LLC is an investment firm that owns, operates, and develops commercial property throughout the United States, with a focus on alternative real estate asset classes such as self storage, manufactured housing, RV parks, and car washes. We are one of the largest private owner-operators of self storage facilities in the United States. Our current portfolio totals over 10.9 million rentable square feet across 139 facilities in 17 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.