Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon, has recently acquired Prestige Self Storage – a 57,600 SF self storage facility in Titusville, FL.
The property sits on over 5 acres with frontage on the heavily trafficked US-1, which sees over 26,000 vehicles traversing it daily. The facility features over 33,700 SF of climate-controlled units, 23,900 SF of traditional drive-up units as well as vehicle parking. According to Brian Cohen, Andover’s President, “This property has enjoyed historically strong occupancy, and with more active management and marketing and the development of a fully functioning website we believe we will be able to close the gap in rates between it and its competitors.” Michael Wachsman, Andover’s Director of Acquisitions, adds “the fact that we are able to still close deals in today’s present environment is a testament to the strength of our and our partner’s abilities to source and continue to execute upon compelling transactions.”
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, and Ohio 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 4.2 million rentable square feet across 33,800 units. Currently the firm owns and manages 39 self storage facilities in 12 states totaling nearly 2.9 million rentable square feet and 21,800 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).