New York City-based self-storage operator Andover Properties LLC 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 are new to the company and will be rebranded as Storage King USA. The acquisitions are:
- Pineapple Plaza and Mini Storage, 4892 Okeechobee Road, Fort Pierce, Fla. The property encompasses 67,000 square feet of storage space in 643 interior and drive-up units as well as 40,000 square feet of retail space. It also has 16 uncovered vehicle-parking spaces.
- Shamrock Storage, 551 S. Fairfield Drive, Pensacola, Fla. The facility includes 51,000 square feet of storage space in 108 units and 10 uncovered vehicle-parking spaces.
- AP Self Storage, 1339 Belcamp Road, Belcamp, Md. The property encompasses 51,885 square feet of storage space in 479 units. It also includes UPS Store 6167, which offers a full line of packaging and shipping products, printing, and more.
- Capital Self Storage, 315 Hubert St., Raleigh, N.C. The facility encompasses 56,000 net rentable square feet of space including 276 climate-controlled units, warehouse and office rooms. It also has 30 uncovered vehicle-parking spaces.
All of the properties feature climate-controlled units, perimeter fencing and gated access.
Andover plans to add new signage to the Maryland facility and update the website to include online billpay. The facility will be managed by Storage Asset Management Inc. (SAM), a self-storage property-management and consulting company. SAM previously managed AP Self Storage and oversees four other Storage King properties.
Storage King operates 16 self-storage facilities in Florida, New Jersey, North Carolina, Pennsylvania and Tennessee.
Andover Properties is a private real estate investment firm focusing on self-storage. Owned by Brian and William Cohen, the company operates facilities totaling more than 1 million rentable square feet and 9,000 units.
Founded in 2010 and based in York, Pa., SAM oversees multiple storage facilities and three UPS Stores along the East Coast.