Andover Properties Adds Premier Self-Storage Facility in Norwood, NJ

New York, NY – January 2, 2024 – Andover Properties, a real estate investment firm focused
on alternative asset classes, is pleased to announce the recent acquisition of a state-of-the-art
self-storage facility located at 475 Walnut Street in Norwood, NJ, marking a significant addition
to Andover Properties’ growing portfolio.

This Class A self-storage facility spans 88,703 Net Rentable Square Feet (NRSF) with a total of
840 units. The facility is comprised of a healthy mix of drive-up units, non-climate ground floor
units, and climate-controlled upper-floor units. Built in 2021 on 2.4 acres of land, this facility is
strategically located close to residents and businesses alike, offering unparalleled storage
access for the entire community.

“We are excited to welcome this exceptional self-storage facility in Norwood into our portfolio,”
said Brian Cohen, CEO of Andover Properties. “This acquisition aligns with our commitment to
providing high-quality storage options in prime locations. Norwood is a thriving community, and
we look forward to becoming an integral part of its growth.”

The Norwood self-storage facility is positioned to meet the high demand in the market, where
the majority of existing self-storage facilities are well occupied, with many boasting occupancy
rates above 90%. With a robust leasing strategy, Andover Properties plans to maximize the
facility’s potential by completing its lease-up phase.

“Andover Properties has a proven track record of success in stabilizing under-leased or under-
managed self-storage assets, and we are confident that this acquisition will further strengthen
our position in the industry,” said Cohen.

About Andover Properties
Andover Properties 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 storage
portfolio totals over 13 million rentable square feet across 165 facilities in 18 states and
operates under our Storage King USA brand ( Andover was
founded in 2003 by Brian and William Cohen, and is headquartered in New York City with
offices in Miami and San Francisco. For more information please visit our website:

Sarah S. Berman

The Berman Group, Inc.
(212) 450-7300

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