Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon, has recently acquired Cliffdale Mini Storage in Fayetteville, NC, making its fourth acquisition in Fayetteville and seventh acquisition in the state.
The property is an 80,435 SF predominantly drive-up facility located on Reilly Road, with visibility from the Reilly and Cliffdale Road intersection, which has daily traffic counts of 40,000 vehicles. “We are very excited to add another asset to our North Carolina portfolio,” states Brian Cohen, Andover’s President. “With these facilities being within a 10-20 minute drive of each other, this is another example of our team executing on its strategy to cluster locations together to gain significant management efficiencies.”
Michael Wachsman, Andover’s Director of Acquisitions, adds, “We are planning extensive capital improvements as part of our business plan, which, paired with our hands-on, institutional management, will result in improved performance at the facility and help right size rents to reflect current occupancy and market conditions.”
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, and Colorado under its trade name Storage King USA (storagekingusa.com).