Andover Properties, LLC (dba Storage King USA) has just completed its most recent acquisition, consisting of a self storage site along with a car wash. The current storage facility consists of 23,150 square feet, with 179 units in total. The property has ample room for expansion and Andover plans on building an additional 30,000 NRSF of storage, split between climate and non-climate units. The site, closed July 13, is near I-26 and is located in Summerville, SC, part of the Charleston MSA.
“The demand drivers for this deal are certainly there” states Michael Wachsman, Director of Acquisitions. “The town has grown 60% since 2000 and Charleston is the fastest-growing municipality in the state.” He further notes that rates at the facility are significantly below market and that the site is well-positioned to pursue other sources of income, such as retail sales and tenant insurance.
As part of this transaction, Andover also acquired a car wash facility, its first foray into this industry segment, and one which they intend to pursue in the future.
The site will be integrated into the Storage King USA portfolio, joining the 24 already existing properties it owns and operates.
New York City-based Andover Properties owns and operates a total of 25 self storage facilities in Florida, Maryland, North and South 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 $205 million, totaling nearly 2.8 million rentable square feet across 23,000 units. Currently the firm owns and manages 25 self storage facilities in 9 states totaling nearly over 1.7 million rentable square feet and nearly 14,000 units. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self Storage (storagekingusa.com).