Andover Properties, LLC (dba Storage King USA) has recently acquired StoreSmart Self Storage, located in Rockledge, FL, marking its 24th facility in the state of Florida.
Situated on 7.57 acres, the facility comprises both climate-controlled and traditional drive up units and encompasses 107,081 net rentable square feet. The property is located off Viera Boulevard, which has traffic counts of over 39,000 vehicles per day, and benefits from an average three-mile household income exceeding $103,000 annually. “We acquired this facility at a very attractive basis, and we will gain management efficiencies with it being a short drive from both our new Cocoa facility and existing Titusville facility,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “Through extensive capital improvements, increased marketing, and our hands-on, institutional management, we will capitalize on our business plan by stabilizing occupancy and boosting ancillary income streams like tenant insurance.”
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).