Andover Properties, LLC (dba Storage King USA) has recently acquired Victory Self Storage – a 420-unit, 38,400 SF Self Storage facility located in Staten Island, NY along Victory Boulevard, a major area road. The closing, which occurred April 26th, was the culmination of a years’-long process. Property amenities include perimeter fencing, gated access, and 24 hour video surveillance.
Andover also purchased the adjacent residence as part of the transaction. Andover plans on demolishing that structure, along with the current stand-alone rental office, and building in its place a multi-story climate controlled building.
“We are really excited to have completed our first purchase in New York, especially one in the five boroughs” remarks Brian Cohen, President of the firm. “There isn’t much competition in the surrounding area, and existing supply largely consists of class B, older stock. We have the opportunity to expand the footprint of this property and transform an aging asset into one of the nicest facilities in the area” he explains. “Through this, we can also align rents at the site, which haven’t been raised in years, with those of the market” he further notes.
The site will be integrated into the Storage King USA portfolio, joining the 23 already existing properties it owns and operates.
New York City-based Andover Properties owns and operates a total of 24 self storage facilities in Florida, Maryland, North Carolina, New Jersey, New York, Pennsylvania, Tennessee and Virginia under its trade name Storage King USA (storagekingusa.com).
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 primarily in the North and South East. 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 self storage assets valued over $200 million, totaling over 2.7 million rentable square feet across 22,850 units. Currently the firm owns and manages 24 self-storage facilities in 8 states totaling nearly 1.7 million rentable square feet and 13,850 units. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self Storage (storagekingusa.com).