Andover Properties LLC, a private real estate investment company, acquired Tamarack Self-Storage & Warehousing Inc. in Neptune, N.J., in January for $4.9 million. The facility will be rebranded as Storage King USA. Andover also operates storage facilities in Newark and Passaic, N.J.
Opened in 1984, the property at 3403 Highway 33 encompasses 70,000 net rentable square feet of storage space in 546 units. Amenities include delivery acceptance, gated access and online billpay.
Andover acquired four properties in November and December, including two in Florida and one each in Maryland and North Carolina. All of the facilities were in markets that were new to the company.
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 17 storage properties in Florida, Maryland, New Jersey, North Carolina, Pennsylvania and Tennessee under the Storage King USA brand.