Andover Properties, LLC (dba Storage King USA) has recently acquired Store-It – a 30,650 SF Self Storage facility in Moncks Corner, SC, part of the Charleston MSA. The property is situated on over 6 acres, on which Andover plans on building an additional 20,000 NRSF of storage, consisting mostly of climate-controlled units. The site, closed July 26, is Andover’s second acquisition in the greater Charleston area.
“The site will undergo extensive and much needed improvement as part of our business plan” states Brian Cohen, President of the company. Despite the need for improvements, Mr. Cohen notes “the site is located on a well trafficked road, with 25,000 vehicles per day, and maintains strong occupancy, currently over 94%. Moncks Corner has experienced both strong income and population growth since 2000, at rates much higher than that of the state, and Charleston itself is the fastest-growing municipality in the state.” He further explains that Andover plans on giving the site a much stronger marketing presence, 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. Lastly, he comments that Andover “can also capitalize on the economies of scale of owning another asset in the area,” located in Summerville, SC, about 4 miles away.
The site will be integrated into the Storage King USA portfolio, joining the 25 already existing properties it owns and operates.
New York City-based Andover Properties owns and operates a total of 26 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 $210 million, totaling nearly 2.8 million rentable square feet across 23,300 units. Currently the firm owns and manages 26 self storage facilities in 9 states totaling over 1.7 million rentable square feet and over 14,300 units. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self-Storage (storagekingusa.com).