Andover Properties Closes on “Bagdad Mini Warehouses” in Milton, FL

Andover Properties, LLC (dba Storage King USA) has recently acquired Bagdad Mini Warehouses in Milton, FL marking its fifth acquisition in the greater Pensacola area and 25th facility in the state.

The property is 37,000 NRSF with an even mix of climate-controlled units and drive-up units, in addition to 93 outdoor parking spaces. The property, built in 2004, sits on 7.93 acres with frontage along Garcon Point road and has benefited from a growing surrounding population. The facility also has a robust U-Haul rental business which drives significant traffic. “This facility is a great bolt-on acquisition for us with the ability to double the footprint of the existing facility size, and further adding to our goal of creating a stronghold in this key market” states Brian Cohen, Andover’s President.

Michael Wachsman, Andover’s Director of Acquisitions, adds, “The seller was a mom-and-pop operator, who despite spending virtually nothing on marketing and having a website that could not process online rentals, has managed to maintain very high occupancy over the years. Our plan is to dedicate significant funds to beautify the property and implement a comprehensive marketing and rate management program to move in-place rents toward the market.”

About Andover Properties, LLC
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 7.1 million rentable square feet across 54,900 units. Currently the firm owns and manages 76 self storage facilities in 16 states totaling 6 million rentable square feet and 42,900 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).