Andover Properties Acquires Self Storage Facility in Miami, FL
Andover Properties (dba Storage King USA) has recently acquired a 75,900 square foot facility in the Little Havana area of Miami, FL. The property sits on the busy intersection of NW 7th Street and NW 12th Avenue, which sees 28,000 vehicles per day. The 930-unit, climate-controlled property will operate under the Storage King USA brand.
“We are pleased to acquire such a well-located asset in a dense area, where over 300,000 people live within three miles of the property,” said Brian Cohen, Andover’s President and CEO. “Miami’s restrictions on new self storage construction effectively make this an irreplaceable asset in a market where the population, and thus its need for storage, continues to grow.”
Michael Wachsman, Andover’s Director of Acquisitions, added: “The property has maintained consistently strong occupancy over the past year. We plan to optimize its pricing and expenses as part of our business plan.”
The Storage King USA portfolio now totals 127 facilities in 16 states across the country, with 33 in Florida.
About Andover Properties, LLC
Andover Properties, LLC is an investment firm that owns, operates, and develops commercial property throughout the United States. The firm focuses on self storage, RV, car wash, retail, and industrial assets. We are one of the largest private owner-operators of self storage facilities in the United States. Our current portfolio totals nearly 9.6 million rentable square feet across 127 facilities in 16 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.