Andover Properties Closes on “Move It Storage” in Sherman, TX
Andover Properties, LLC (dba Storage King USA) has recently acquired Move It Storage in Sherman, TX marking its 10th acquisition in the Dallas-Fort Worth MSA and nineteenth in the state.
The single-story property was built in 2006 and comprises 55,675 NRSF across 366 climate-controlled and drive-up units. The facility has great visibility on a 12,000 VPD road and is located next to both residential and a future high school that is getting built. Sherman is approximately 40-minutes north of Dallas and is ranked as one of the top 25 fastest-growing housing markets in the country. “Given the population growth both in TX and in this area, this acquisition made a ton of sense for our DFW portfolio” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “Since bringing on a regional third-party manager one year ago, prior ownership has made great strides moving occupancy toward stabilization. With our hands-on institutional management, we plan to finish leasing up the facility and then move rates to 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 its inception in 2003, Andover Properties, LLC has owned or managed self-storage assets totaling 8.4 million rentable square feet across 63,900 units. Currently, the firm owns and manages 93 self-storage facilities in 16 states totaling over 7 million rentable square feet and 51,900 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).