Andover Properties closes on land deal in Homestead, Florida

Andover Properties, LLC (dba Storage King USA) has recently closed on a 3-acre parcel in Homestead, FL on which it intends to build a 110,000 square foot self storage facility.

 

According to Brian Cohen, President at the company, “the site is in a great location. It is right next to a Walmart on the busy intersection of 3 streets, including Rt 1/Dixie Highway, and will be visible from and have signage on that road, which gets 30,000 vehicles per day driving past the site.” He further explains that Andover plans on constructing a class-A, multi-level climate controlled facility as well as several smaller, single story structures that will also house some drive-up units. The site should be completed towards the end of 2018. The company has plans to develop other facilities in the state of Florida to add to its 10 other facilities in the state.

 

The site will be integrated into the Storage King USA portfolio. New York City-based Andover Properties owns and operates a total of 28 self-storage facilities in Florida, Maryland, North and South Carolina, New Jersey, New York, Pennsylvania, Tennessee and Virginia 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 primarily in the North and South East. 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 self-storage assets totaling nearly 2.9 million rentable square feet across 24,200 units.  Currently the firm owns and manages 28 self-storage facilities in 9 states totaling over 1.8 million rentable square feet and 15,000 units. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA Self-Storage (storagekingusa.com).

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