Andover Properties, LLC (dba Storage King USA) has recently acquired Route 80 Storage, located in Ft Myers, Florida. The site is its second purchase in the area and its ninth in the state.
According to Michael Wachsman, Director of Acquisitions at the company, “as currently configured, the amount of space currently dedicated to self storage at the property is relatively small – about 21,000 square feet.” The site also has over 25,000 square feet dedicated to RV and other vehicular parking, a “much needed amenity in this area”, he continues. “More importantly,” he underscores, “the site is full, and it is situated on busy Route 80, which has 27,000 vehicles traversing it daily. The property comprises over 13 acres, thus providing ample room for expansion. We intend to more than double the existing size of the facility, adding 50,000 rentable square feet, all while keeping the parking spaces.” A potential Phase II expansion, could, based on performance, include even more self storage or perhaps a car wash, but is not part of the business plan according to the company.
The site will be integrated into the Storage King USA portfolio. New York City-based Andover Properties owns and operates a total of 27 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 totaling nearly 2.9 million rentable square feet across 24,200 units. Currently the firm owns and manages 27 self storage facilities in 9 states totaling over 1.8 million rentable square feet and 15,200 units. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self-Storage (storagekingusa.com).