Andover Properties LLC, which operates under the facility name Storage King USA, purchased $21 million worth of loans for four self-storage properties in Florida and Missouri. The properties comprise more than 420,000 square feet and 2,880 units.
Steve Bruce and Clifford Crowe of Lee & Associates National Self Storage Group brokered the off-market transaction, representing both the seller and the buyer. Ed Indvik, a principal in the Los Angeles Lee & Associates office referred the seller.
Andover President Brian Cohen completed the purchase of the loans in an all-cash transaction. The deal adds to Andover’s two previous loan-pool purchases made over the past year. Andover, a developer and owner/operator of self-storage facilities on the East Coast, continues to partner with Angelo, Gordon & Co., a privately held alternative-investment advisor with approximately $23 billion under management across various disciplines.
Lee & Associates Self Storage Group provides commercial real estate brokerage and advisory services to public and private investors/owners, investment trusts, banks, receivers, and other lending institutions throughout California and the U.S. for self storage facilities.