Andover Properties Closes on “Security Self Storage” in Pace, FL
Andover Properties, LLC (dba Storage King USA) has recently acquired Security Self Storage in Pace, FL, marking its fourth acquisition in the greater Pensacola area and 22nd acquisition in the state.
The property is a 72,290 SF facility, offering a mix of climate and traditional drive up units, as well as U-Haul truck rentals. The property is situated on highway US-90, which sees approximately 35,000 vehicles per day, and benefits from dense residential and new developments nearby. “This is another example of our firm’s focus on growing in strategic markets, which we have had tremendous success in over the years,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “This facility has maintained very high physical occupancy over the years, even in the face of the COVID-19 pandemic, in addition to being the top U-Haul producer in the Florida Panhandle. With that being said, we plan to bring rents up to market through extensive capital improvements paired with our institutional management.”
The site will be integrated into the Storage King USA portfolio. New York City-based Andover Properties owns and operates self-storage facilities in Florida, Georgia, Maryland, Mississippi, North and South Carolina, New Jersey, New York, Tennessee, Virginia, Arizona, Ohio, Texas, California, and Colorado under its trade name Storage King USA (storagekingusa.com).
About Andover Properties, LLC
Andover Properties, LLC, is an investor, owner, operator and developer of real estate throughout the United States, based in Manhattan, New York. The firm focuses on the acquisition, development and management of industrial, retail and self storage facilities. Andover is a leading sponsor in this area with expertise in all aspects related to these product types including acquisitions, asset management, leasing, property management, conversion, development and dispositions. Its investors and partners include global institutional real estate private equity funds and high net worth individuals.
Since inception in 2003, Andover Properties, LLC has owned or managed self storage assets totaling over 6.6 million rentable square feet across 51,000 units. Currently the firm owns and manages 70 self storage facilities in 16 states totaling 5.3 million rentable square feet and 39,000 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).