Andover Properties LLC, a private real estate investment company, has acquired North Main Self Storage and the adjacent Froggy’s Car Wash in Summerville, S.C. It’s the company’s first foray into the carwash industry, which it intends to pursue in the future, according to a company press release.

August 5, 2016

1 Min Read
Andover Properties/Storage King USA Acquires North Main Self Storage and Froggy's Car Wash in Summerville, SC

Andover Properties LLC, a private real estate investment company, has acquired North Main Self Storage and the adjacent Froggy’s Car Wash in Summerville, S.C. It’s the company’s first foray into the carwash industry, which it intends to pursue in the future, according to a company press release.

The storage facility at 1822 N. Main St. will be branded as Storage King USA. It comprises 23,150 square feet of space in 179 units. Andover plans to build an additional 30,000 net rentable square feet of space that will include climate-controlled and traditional storage.

“The demand drivers for this deal are certainly there,” said Michael Wachsman, director of acquisitions for Andover. “The town has grown 60 percent since 2000, and Charleston is the fastest-growing municipality in the state.” He also noted that rates at the facility are significantly below market, and the site is well-positioned to pursue other sources of income, such as retail sales and tenant insurance.

Founded in 2003 and based in New York City, Andover Properties owns and operates 25 self-storage facilities in nine 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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