Andover Properties, LLC (dba Storage King USA) in partnership with Angelo Gordon, has recently acquired U-Stor-All Self Storage in Denver, Colorado, marking its first purchase in the state.
The property is a 90,000 SF facility bound by four city blocks and has frontage on Mississippi Avenue, which has a daily traffic count in excess of 22,000 vehicles. The facility consists of a mix of drive up self storage units, warehouse and flex space, as well as 33,800 SF of commercial office space. “We’re excited to be entering yet another new market – the majority of the deals we’ve closed this year have been in new markets for us – and feel we can benefit from purchasing a stable asset in a terrific location with strong demos at an attractive basis,” states Brian Cohen, Andover’s President. Michael Wachsman, Andover’s Director of Acquisitions, adds, “We feel that the commercial office space component of this deal was severely undervalued. It’s difficult to find commercial space in Denver, and rents for these units at the property are well below market, even with strong year over year growth. We are planning extensive capital improvements as part of our business plan, which along with our hands-on, institutional management, will result in an even stronger occupancy at the facility and help bridge the gap between property and market rates.”
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).
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 4.3 million rentable square feet across 34,100 units. Currently the firm owns and manages 40 self storage facilities in 12 states totaling over 2.9 million rentable square feet and 22,200 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).