Andover Properties LLC, which operates the Storage King USA self-storage brand, has purchased Route 80 Storage in Ft. Myers, Fla. It’s the company’s second acquisition in the region and ninth in the state. The facility will be integrated into the Storage King portfolio, according to a press release.
The 13-acre property at 11351 Palm Beach Blvd. comprises 21,000 square feet of storage space and more than 25,000 square feet of vehicle parking. Andover plans to add 50,000 rentable square feet of storage to the property, the release stated. “The site is full, and it is situated on busy Route 80, which has 27,000 vehicles traversing it daily,” said Michael Wachsman, director of acquisitions. Vehicle storage is a “much-needed amenity in this area,” he added.
Based on the property’s performance, a potential phase-two expansion might include more self-storage or a car wash, the release stated. Andover entered the car-wash industry last summer when it purchased North Main Self Storage and the adjacent Froggy’s Car Wash in Summerville, S.C. At the time of the acquisition, company officials said they planned to pursue the car-wash industry in the future.
Founded in 2003 and based in New York City, Andover Properties owns and operates 27 self-storage facilities in nine states, totaling nearly 1.8 million rentable square feet of storage space in 15,200 units. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities primarily in the North and Southeast.