Andover Properties Acquires “The Runnnymede Portfolio” in North Carolina and Virginia
Andover Properties (dba Storage King USA) has recently acquired “The Runnymede Portfolio”, which consists of three properties totaling 197,000 NRSF across 1,465 units. Two facilities are located in North Carolina’s Outer Banks, and one is located in Chesapeake, Virginia. The portfolio adds to the company’s presence in the Mid-Atlantic region and is 93% occupancy, indicative of strong self storage demand in these markets.
“We are pleased to add these facilities to our portfolio and look forward to providing a professional storage experience to our customers in these areas,” said Brian Cohen, Andover’s President, and Chief Executive Officer. “The two assets in the Outer Banks are the preeminent assets in their markets, and Chesapeake, Virginia is consistently ranked as one of the top cities to live in the U.S.”.
The Storage King USA portfolio now totals 116 facilities in 16 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. The firm focuses on self storage, 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 self storage portfolio totals 8.8 million rentable square feet across 116 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 135 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.