Andover Properties LLC, which operates the Storage King USA self-storage brand, has acquired Old Lucerne Park Storage in Winter Haven, Fla. It’s the company’s third location in the city, according to a press release.
The property at 4620 Old Lucerne Park Road contains climate-controlled and drive-up units, flex space for businesses, and a cell tower. It also provides truck rentals, and sells moving and packing supplies.
“We like the income diversity this property offers. Plus, we managed to acquire this asset at a very attractive basis,” said Michael Wachsman, director of acquisitions for Andover. “This is the classic value-added play we look for. There is a lot of value that can be generated from providing Old Lucerne with high-quality, full-time institutional management; a dynamic website; better Internet presence; and pricing reflecting market conditions, as well as the economies generated by owning two other assets in the area.”
In January, Andover purchased AAA Storage Hwy 27 & Postal Center in Minneola, Fla. The property comprises 75,000 square feet of storage space in more than 600 units. Andover plans to modernize the facility by rehabilitating the older structures and adding security and lighting.
Founded in 2003 and based in New York City, Andover owns and operates 29 self-storage facilities in nine states, totaling nearly 2 million rentable square feet of storage space in 16,100 units. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities, primarily in the North and Southeast.