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Andover Properties/Storage King USA Expands Self-Storage Acquisitions Team

Andover Properties LLC, which operates the Storage King USA self-storage brand, has hired senior analyst Eric Brett and analyst Tianzhi “TZ” Lei to its acquisitions team. Brett will help identify and analyze potential purchase opportunities and conduct due diligence. Lei’s duties including underwriting acquisitions and due diligence, according to a press release.

“We’re very excited to welcome Eric and TZ aboard,” said Michael Wachsman, director of acquisitions. “Their skill sets really round out our team and provide us with greater rigor in our deal analysis, as well as enable us to tackle a greater volume of acquisitions.”

Brett most recently spent two years with commercial real estate firm WeWork, where he focused on sourcing and underwriting new coworking locations in more than 15 markets in Canada and the United States. His closed deals comprised 1.3 million square feet and $1 billion in lease value. He graduated in 2015 with honors from the Smeal College of Business at Penn State University, where he majored in finance.

Lei previously specialized in multi-family and hotel development for Eastone Equities LLC, a New York-based real estate fund, and bridge-loan origination with Silvan Group, a U.S.-based real estate lending fund. She holds a bachelor’s degree in business administration from the University of Southern California and a master’s degree in real estate development from Columbia University.

The new hires come on the heels of Andover naming Chris Runckel as chief operating officer. Runckel intends to explore third-party management opportunities, develop operational plans for company properties, and help onboard acquisitions.

Established in 2003, New-York based Andover acquires, develops and manages industrial and retail properties as well as carwashes and self-storage facilities. The firm owns and manages storage properties in 13 states, comprising 3 million square feet across 21,600 units.

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