Andover Properties LLC, a private real estate investment company, has acquired Dundee Self Storage in Dundee, Fla., for about $3.5 million, or approximately $75 per net rentable square foot. The property at 29500 Highway 27 is on 7.75 acres and comprises 53,700 square feet in 370 units and 29 parking spaces. The facility will be rebranded as Storage King USA.
The asset includes climate-controlled and traditional units, along with gated access, perimeter fencing and video cameras. Andover intends to build an additional 24,000 square feet of climate-controlled space on the property, according to a company press release.
“This is really the nicest facility in the area, and the property will nicely complement our recent Winter Haven, Fla., acquisition, allowing cross-selling as well as enabling us to capitalize on efficiencies from having facilities so close by to each other,” said Michael Wachsman, director of acquisitions. “In addition, we can stage the expansion at both sites, thereby minimizing disruption to existing tenants during construction. Or, we have the flexibility to build out more units at one site and expand the parking on the other, based on the market.”
The facility is Storage King’s eighth location in Florida.
The buyer and seller were represented by Jay J. Crotty, managing partner, and Thomas A. Doyle, senior vice president, at BayView Advisors (BVA). "Dundee Self Storage is an excellent property with significant upside available with a zoned and permitted expansion opportunity," Doyle said.
Launched last year, BVA is a boutique firm specializing in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales. It has offices in Cleveland, Milwaukee and Tampa, Fla.
New York City-based Andover Properties is owned by Brian and William Cohen. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities in the North and Southeast. It operates 23 storage properties in Florida, Maryland, New Jersey, North Carolina, Pennsylvania, Tennessee and Virginia under the Storage King USA brand. Its portfolio comprises about 1.65 million rentable square feet in 13,000 units.
