Andover Properties LLC, which operates the Storage King USA self-storage brand, has acquired Security Storage in Spring Hill, Fla. The purchase is the company’s 12th in the state, and the fifth transaction under its newly formed partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing, according to a press release.
The 54-acre property at 3663 Commercial Way comprises 88,000 square feet of storage space in 382 units. Andover plans to renovate the units, perform deferred maintenance, and build a new rental office and 50,000-square-foot climate-controlled building. The renovations will give the property the “presence it deserves given its size and placement on a very busy highway, which has traffic counts in excess of 42,000 vehicles daily,” said company president Brian Cohen.
The partnership will either sell the excess land or develop it by adding flex-space and industrial buildings, Cohen said.
The buyer and the seller, a private investor, were represented in the transaction by Paul Bouldin, Luke Elliott, Brian Fulton and Michael A. Mele, investment specialists for real estate firm Marcus & Millichap.
Founded in 2003 and based in New York City, Andover owns and operates 30 self-storage facilities in nine states, totaling more than 2.1 million rentable square feet of storage space in 16,500 units. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities, primarily in the North and Southeast.
Founded in 1971, Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States.
