Andover Properties LLC, a private real estate investment company, acquired Lake Mariam Storage in Winter Haven, Fla., for $2.6 million, or $61.58 per net rentable square foot. The facility will be rebranded as Storage King USA.
The property at 2100 Dundee Road sits on 23 acres of land. Built in 2005, it comprises 42,220 net rentable square feet in 230 climate- and non-climate-controlled storage units. The facility also has 20,889 square feet of rentable parking space and features solar panels.
There was substantial upside potential to expand on 4.3 acres, with utility infrastructure already in place on a vacant parcel and an additional 1 acre on which the property is located, according to a press release from BayView Advisors (BVA), the real estate company that brokered the transaction. Jay J. Crotty, managing partner, and Thomas A. Doyle, senior vice president, represented Andover Properties and the seller, BASC LLC.
“With the opportunity to expand this property significantly and implement their professional management system, the buyer will gain a stronger footprint in the central-Florida area,” Doyle said.
New York City-based Andover Properties is owned by Brian and William Cohen. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities in the North and Southeast. It operates 18 storage properties in Florida, Maryland, New Jersey, North Carolina, Pennsylvania and Tennessee under the Storage King USA brand.
Headquartered in Tampa, Fla., BVA is an investment sales and advisory firm specializing in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales.