TUCSON, ARIZONA -- Andover Properties, LLC (dba Storage King USA) has recently acquired a two-property portfolio in Tucson, increasing its footprint in the city to 5 properties. Combined, the two properties total over 200,000 NRSF across 1,750 units.
The assets fetched $30.3 million ($17,300 per unit) according to public records.
The properties, located at 4068 E Fort Lowell and 5650 W Coca Cola Place, are strategically situated within a 10–20-minute drive from each other and the three existing Storage King USA Tucson assets. Between them they have a complementary unit mix of multi- and single-story climate, drive-up, and parking units.
“This acquisition is a great win for our firm and reflects our commitment to clustering locations in strategic markets. We have now greatly expanded our footprint in Tucson, with a brand new Class A facility and another well-located facility” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “Fort Lowell opened in June 2020 and has leased up at a tremendous rate, largely due to its Class A asset quality and preeminent position in the marketplace. Coca Cola Place is located near a busy shopping center which generates significant traffic to the area. Our business plan is to stabilize occupancy at Fort Lowell and bring in-place rents to that of the market for both properties.”
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 7.3 million rentable square feet across 56,600 units. Currently the firm owns and manages 78 self storage facilities in 16 states totaling 6 million rentable square feet and 44,700 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).
To learn more, see RED Comps #8792 and #8798.
Photos: 4068 E Fort Lowell above and 5650 W Coca Cola Place below