Andover Properties Acquires Self Storage Facilities in Tallahassee, FL
Andover Properties (dba Storage King USA) has recently acquired the “Storage Center Portfolio” in Tallahassee, Florida. The two assets total 182,000 square feet across 1,337 self storage and commercial units. The properties were acquired from non-institutional owners and will be rebranded to Andover’s Storage King USA brand. Andover will also implement operational best practices at the assets, such as the ability to rent units online.
“The properties offer a good mix of multistory, single story, climate, drive up, and commercial units,” said Michael Wachsman, Andover’s Director of Acquisitions, “They have maintained historically strong occupancy despite the inability to rent units online. We believe we are well positioned to add value through our best-in-class, institutional management practices to another mom-and-pop asset, and by leveraging operational efficiencies from having three other facilities in the area.”
The Storage King USA portfolio now totals 133 facilities in 16 states across the country, with 36 in Florida.
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 million rentable square feet across 133 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.