Andover Properties Acquires Six-Asset Self Storage Portfolio

Acquisition Expands Storage King USA’s National Footprint

NEW YORK, NY – August 22, 2024 – Andover Properties, a leading real estate investment firm focused on alternative asset classes, is pleased to announce the acquisition of six Class-A self-storage facilities from Metro Self Storage. The properties, located in Pennsylvania and Florida, total nearly 500,000 net rentable square feet, and will operate under Andover’s Storage King USA brand. With this acquisition, Storage King USA now offers over 14 million square feet of storage to customers in 19 states, reinforcing its position as a nationwide leader in self storage.

These facilities, located in the Philadelphia suburbs, Sarasota, St. Petersburg, and Fort Myers are strategically positioned and have a diverse unit mix to cater to customers’ wide-ranging storage needs, including drive-up units, climate-controlled units, warehouse units, and RV and boat parking.

“We are excited to complete this significant portfolio acquisition, especially in today’s challenging market. This achievement is a testament to the strength of our capital partners, our proven ability to close deals, and our long-term belief in these markets. We plan to leverage our presence in these markets to create operational efficiencies across our newly acquired assets,” said Brian Cohen, President of Andover Properties.

For more information about these new locations, or to inquire about rental availability, please visit the Storage King USA website.

About Andover Properties
Andover Properties is an investment firm specializing in alternative real estate asset classes such as self storage, manufactured housing, RV parks, small bay industrial, and car washes. We are one of the largest private owner-operators of self storage facilities in the U.S. Our portfolio totals over 14 million rentable square feet across 168 facilities in 19 states and operates under our Storage King USA brand. Founded in 2003 by Brian and William Cohen, Andover is headquartered in New York City, with offices in Miami and San Francisco. For more information, visit Andover Properties.

Contact:

Sarah S. Berman

The Berman Group, Inc.

(212) 450-7300

sberman@bermangrp.com