Andover Properties LLC, a private real estate investment company, has acquired Store-It, a 30,650-square-foot self-storage facility in Moncks Corner, S.C. The company plans to add 20,000 net rentable square feet of storage, consisting mostly of climate-controlled units, to the 6-acre property. The site will be rebranded as Storage King USA.

“The site will undergo extensive and much-needed improvement as part of our business plan,” said Brian Cohen, president. Andover plans to give the site a much stronger marketing presence, according to a press release. 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, Cohen said.

“The site is located on a well-trafficked road, with 25,000 vehicles per day, and maintains strong occupancy—currently over 94 percent. Moncks Corner has experienced both strong income and population growth since 2000, at rates much higher than that of the state; and Charleston itself is the fastest-growing municipality in the state.”

The acquisition, closed on July 26, was the company’s second in the greater Charleston, S.C., area. This summer Andover also purchased an existing self-storage facility and adjacent car wash in Summerville, S.C., which is about four miles away from the Moncks Corner site. With two facilities in the area, Andover can capitalize on the economies of scale, according to Cohen.

Founded in 2003 and based in New York City, Andover Properties is a developer, investor, operator and owner of real estates throughout the United States. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities primarily in the North and Southeast. It specializes in 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.

Andover currently owns and operates 26 self-storage facilities in nine states, totaling more than 1.7 million rentable square feet of storage space and 14,300 units. Since its inception, the company has owned self-storage assets valued at more than $210 million, totaling nearly 2.8 million rentable square feet across 23,300 units.  It operates facilities under the Storage King USA brand.