03 Dec 2020
Andover Properties, LLC (dba Storage King USA) has recently acquired 157 Self Storage in Euless, TX, marking its sixth acquisition in the state of Texas.
The property is a Class A, 91,675 SF facility comprised of drive-up, climate-controlled, and covered RV/boat units, in addition to the recent expansion of 96 outdoor parking spaces. The property is in a premier location with direct frontage on Hwy 157, which boasts over 29,000 vehicles per day, in addition to being the closest self-storage facility to a 2,000-acre master planned community under development. “We are thrilled to have acquired our first facility in the Dallas-Fort Worth metro area, as this is a market that we believe has very strong fundamentals for self storage,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “This state-of-the-art facility was completed in 2017, and has rapidly leased up its physical occupancy. With our hands-on, institutional management, we will continue this strong performance with a focus on leasing up the new parking spaces, which are in great demand in the area.”
The site will be integrated into the Storage King USA portfolio. New York City-based Andover Properties owns and operates self-storage facilities in Florida, Georgia, Maryland, Mississippi, North and South Carolina, New Jersey, New York, Tennessee, Virginia, Arizona, Ohio, Texas, California, and Colorado under its trade name Storage King USA (storagekingusa.com).
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. 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 or managed self storage assets totaling over 6.2 million rentable square feet across 47,800 units. Currently the firm owns and manages 63 self storage facilities in 16 states totaling 4.9 million rentable square feet and 35,800 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).
Thumbnail: Courtsey of Andover Prop.
