Andover Properties LLC, which operates the Storage King USA brand of self-storage facilities, purchased Shamrock Storage in Pensacola, Fla., for $2.9 million. The seller was Rref Snv-Fl Ssl LLC, a Florida limited-liability company.
The property at 551 S. Fairfield Drive encompasses 51,155 net rentable square feet of storage space on 1.79 acres of land. Built in 2008, the enclosed, three-story structure features 474 climate-controlled units and five vehicle-parking spaces. Property amenities include video cameras, online billpay, 24-hour access, and the sale of moving and packing supplies. The facility also offers Penske truck rentals.
Jay Crotty, managing partner, and Thomas Doyle, senior vice president, of BayView Advisors represented the buyer and seller in the transaction. “This facility represented a compelling opportunity for the buyer, as there was upside opportunity to drive revenue through increasing occupancy,” Doyle said.
Andover also acquired four properties in November and December, including two in Florida and one each in Maryland and North Carolina. All of the facilities are in markets that were new to the company.
New York City-based Andover is a private real estate investment firm focusing on self-storage. Owned by Brian and William Cohen, the company operates storage facilities totaling more than 1 million rentable square feet and 9,000 units.
Headquartered in Tampa, Fla., BayView specializes in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales.