Andover Properties LLC, which operates the Storage King USA self-storage brand, has acquired AAA Storage Hwy 27 & Postal Center in Minneola, Fla. The property at 995 US-27 comprises 75,000 square feet of storage in more than 600 units. Andover plans to modernize the facility by rehabilitating the older structures and adding security and lighting, according to a press release.
The site is near existing and planned residential developments as well as retail stores and fast-food eateries. The population of Minneola, a suburb of Orlando, has been experiencing strong growth, and the city recently received its own exit on Florida’s Turnpike, according to Michael Wachsman, Andover’s director of acquisitions.
In November, Andover purchased a 3-acre parcel in Homestead, Fla., on which it plans to build a 110,000-square-foot self-storage facility. The property will feature one multi-story, climate-controlled building as well as several single-story structures with drive-up units. It’s expected to be complete late next year.
Founded in 2003 and based in New York City, Andover owns and operates 28 self-storage facilities in nine states, totaling nearly 1.9 million rentable square feet of storage space in 15,650 units. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities, primarily in the North and Southeast.