Andover Properties Closes on “Safety Deposit Self Storage” in Kingsville, TX
Andover Properties, LLC (dba Storage King USA) has recently acquired Safety Deposit Self Storage in Kingsville, TX, marking its eleventh acquisition in the state.
The 73,400 NRSF facility is composed of predominantly drive-up units, in addition to both climate and non-climate interior units and outdoor parking. The property was built in 1999 and was continually expanded upon since, most recently in 2016 with the development of a satellite location two minutes away from the main location. Additionally, the facility has a robust FedEx shipping business which drives significant retail traffic. “This facility is in a good location, right off Highway 77, next door to a Lowe’s and across the street from a Walmart Supercenter, so we feel we can leverage the local traffic to help the performance of the property” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “The seller was a mom-and-pop operator who spent nearly nothing on marketing and did not have a revenue management program in place. We plan to focus on both, which will allow to continue to lease up the facility and bring rates more in line with those of 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 over 7 million rentable square feet across 54,500 units. Currently the firm owns and manages 75 self-storage facilities in 16 states totaling over 5.7 million rentable square feet and 42,500 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).