Andover Properties Closes on “HH & H Mini Storage” | Fuquay-Varina, NC
Andover Properties, LLC (dba Storage King USA) has recently acquired HH & H Mini Storage in Fuquay-Varina, NC, marking its fifth acquisition in the Raleigh-Cary MSA and ninth facility in the state.
The 43,250 NRSF single-story facility comprises 331 drive-up units and is well situated at the intersection of Broad Street and Wake Chapel Road, which sees over 19,000 vehicles per day. Additionally, the property sits on 6.5 acres which provides for the opportunity to expand in the future to meet the increased demand in the market. “This market is absolutely booming, with over two million square feet of multifamily housing constructed within 3 miles of the facility and numerous other developments on the way. This facility, along with our other existing Raleigh-Cary assets, are well positioned to benefit from this influx of new residents to the market” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “Our business plan is to spend a significant amount on capex to improve the facility’s physical condition and street presence. We also plan on moving the current office to a more accessible position, which should improve the tenant experience. We plan to meaningfully increase the marketing budget and integrate the facility into our portfolio marketing program, which will enable us to achieve stabilized occupancy at rates aligned with the market.”
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 8.5 million rentable square feet across 64,650 units. Currently the firm owns and manages 94 self storage facilities in 16 states totaling over 7.1 million rentable square feet and 52,700 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).
