Andover Properties Announces Grand Opening of Margate, FL Facility
Property is a Brand-New, Multistory, Climate Controlled Self Storage Facility
NEW YORK, NY – Andover Properties is pleased to announce the grand opening of its Storage King USA facility in Margate, FL.
The property, acquired in January, offers 97,800 square feet of climate controlled self storage across its 1,100 units. Located on a busy intersection in Margate, which is west of Pompano Beach between Boca Raton and Fort Lauderdale, the four-story property has visibility and access from State Road 7, which sees in excess of 43,000 vehicles per day.
“We are very excited to have bought a facility in this area,” said Brian Cohen, Andover’s President and CEO. “The area is excellent: a robust population exceeding 150,000 people within 3 miles, strong market rents, and low supply. Further, the city of Margate has a moratorium on additional self storage development, which will curtail future competition and only make this property more valuable.”
Zach Harding, Andover’s CIO, adds: “Many of the competing properties are decades old. Given our ability to offer our customers a modern, clean, and secure storage environment, it is no surprise our facility is leasing up quicker than our expectations.”
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.