Andover Properties LLC, a private real estate investment company, has acquired Victory Self Storage in Staten Island, N.Y. The facility at 3511 Victory Blvd. will be rebranded as Storage King USA. It comprises 38,400 square feet of storage space in 420 units. Property amenities include gated access, perimeter fencing and video cameras. 

The closing was the culmination of a year-long process, according to a company press release. Andover also purchased the adjacent residence as part of the transaction. It plans to demolish the existing structure and standalone rental office, and then build a multi-story, climate-controlled building. 

“We are really excited to have completed our first purchase in New York, especially one in the five boroughs,” said Brian Cohen, president. “There isn’t much competition in the surrounding area, and existing supply largely consists of class-B, older stock. We have the opportunity to expand the footprint of this property and transform an aging asset into one of the nicest facilities in the area. Through this, we can also align rents at the site, which haven’t been raised in years, with those of the market.”

Founded in 2003 and based in New York City, Andover Properties owns and operates 24 self-storage facilities in eight states, totaling nearly 1.7 million rentable square feet of storage space in 13,850 units. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities primarily in the North and Southeast.

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