New York City-based self-storage operator Andover Properties LLC has acquired a three-property portfolio from AAA All American Self Storage in Fayetteville, N.C., for $9.3 million. The properties comprise 223,520 square feet in more than 1,650 units and will be rebranded as Storage King USA.
The facilities are the first in North Carolina for Andover Properties. The company also owns storage locations in Florida, New Jersey, Pennsylvania and Tennessee. “We’re excited about this acquisition and think we can bring great value to the properties and surrounding area,” said Brian Cohen, president. “We intend to expand one of the facilities by adding an additional building.”
All three properties offer traditional and climate-controlled units, more than 100 uncovered boat/RV-parking spaces, and flexible office space. The facilities are located at:
- 3216 Midpine Road, Fayetteville, NC
- 5799 Pepperbush Drive, Fayetteville, NC
- 4928 U.S. Highway 301 S., Hope Mills, NC
Financing for the transaction was a non-recourse, fixed-rate loan and included an institutional joint-venture equity partner, according to a press release issued by Talonvest Capital Inc., a boutique real estate adviser that assisted Andover with the deal.
Andover Properties is a private real estate investment firm focusing on self-storage. Owned by Brian and William Cohen, the company operates storage facilities totaling 1.096 million rentable square feet and 9,509 units.