Andover Properties LLC, which operates the Storage King USA self-storage brand, has acquired a three-property self-storage portfolio in Gulfport and Ocean Springs, Miss. Altogether, the properties comprise more than 112,000 square feet of storage space in 700 traditional and vehicle-storage units. The purchase is Andover’s sixth transaction under its newly formed partnership with Angelo, Gordon & Co., a privately held investment adviser dedicated to alternative investing, according to a press release.
“This is our first acquisition in Mississippi, and we are excited to expand our presence into our 10th state,” said Brian Cohen, president. “The properties are on well-trafficked roads and have good visibility.”
The Ocean Springs properties include the former Stow-Away RV & Boat Storage as well as another facility that offers traditional units and vehicle storage. Together, they sit on 9.5 acres and have room for expansion. Andover plans to build 30,000 square feet of climate-controlled space and additional vehicle storage, according to Michael Wachsman, director of acquisitions. One of the properties contains only six climate-controlled units. “There is a pronounced need for more in the area. There is also a shortage of high-quality RV-parking spaces, and we plan on filling that vacuum,” Wachsman said.
In June, Andover acquired Security Storage in Spring Hill, Fla. The 54-acre property comprises 88,000 square feet of storage space in 382 units. Andover plans to build a new rental office and 50,000-square-foot climate-controlled building.
Founded in 2003 and based in New York City, Andover owns and operates 33 self-storage facilities in 10 states, totaling more than 3.3 million rentable square feet of storage space in 17,300 units. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities, primarily in the North and Southeast.
