Andover Properties Closes on “CubeSmart Self Storage (Managed)” in Irving, TX
Andover Properties, LLC (dba Storage King USA) has recently acquired CubeSmart Self Storage (Managed) in Irving, TX, marking its 11th acquisition in the Dallas-Fort Worth MSA and 24th facility in the state.
The multi-story facility is ~67,000 NRSF and contains 610 climate-controlled units. Converted to self storage in 2017, the facility is accessible from Belt Line Drive, a 49,000 vehicle per day road, which has numerous commercial and retail establishments such as Lowe’s, Home Depot, Applebee’s, and Outback Steakhouse. “This asset is well positioned in one of the fastest growing metropolitan areas in the country. We have plans in place to expand the existing SF and take advantage of the incoming demand in the market” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “This was a great addition to our portfolio, as this facility is far newer than all of the immediate surrounding competition, which were built in the 80’s and 90’s.”
About Andover Properties, LLC
Andover Properties, LLC, is an investor, owner, operator and developer of real estate throughout the United States, based in Manhattan, New York. The firm focuses on the acquisition, development and management of industrial, retail and self storage facilities. Andover is a leading sponsor in this area with expertise in all aspects related to these product types including acquisitions, asset management, leasing, property management, conversion, development and dispositions. Its investors and partners include global institutional real estate private equity funds and high net worth individuals. Since inception in 2003, Andover Properties, LLC has owned or managed self storage assets totaling 8.65 million rentable square feet across 65,600 units. Currently the firm owns and manages 96 self storage facilities in 16 states totaling 7.3 million rentable square feet and 53,650 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).