Andover Properties LLC, which operates the Storage King USA self-storage brand, has acquired Ace Storage in Polk City, Fla. It’s the company’s 13th purchase in the state and its latest transaction under a partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing, according to a press release.
The property at 330 Commonwealth Ave. N. comprises 62,000 net rentable square feet of drive-up storage on more than 16 acres. Andover plans to add a 30,000-square-foot, climate-controlled building as well as covered vehicle storage, according to Michael Wachsman, director of acquisitions.
“We purchased the asset at a very attractive basis. The area around the property has experienced historically strong population growth, which is expected to continue. And most of Polk City is in an opportunity zone, which should spur further development,” said Brian Cohen, president.
In September, Andover acquired a three-property portfolio in Gulfport and Ocean Springs, Miss. Together, the facilities comprise more than 112,000 square feet of storage space in 700 traditional and vehicle-storage units.
Founded in 2003 and based in New York City, Andover owns and operates 31 self-storage facilities in nine states, totaling more than 2.2 million rentable square feet of storage space in 15,700 units. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities, primarily in the North and Southeast.
