Andover Properties Acquires Self Storage Portfolio

Andover Properties has acquired six Class-A self-storage facilities from Metro Self Storage. The properties total nearly 500,000 net rentable square feet and are situated in the Philadelphia suburbs and throughout Florida, in Sarasota, St. Petersburg and Fort Myers. The properties will operate under Andover’s Storage King USA brand.

The facilities include drive-up units, climate-controlled units, warehouse units and RV and boat parking. With this acquisition, Storage King USA’s portfolio grows to more than 14 million square feet of storage space in 19 states.

Recent deals

In January, Andover Properties acquired an 88,703-rentable-square-foot self-storage property in Norwood, N.J. According to Yardi Matrix data, a private owner sold the Class A asset. The facility now operates under the Storage King USA brand. It came online in 2021 and was subject to a $11.7 million construction loan in 2019.

This latest deal comes on the heels of Harrison Street’s acquisition of an off-market self storage portfolio comprising 19 Southeast properties and totaling 1.4 million square feet for a purchase price exceeding $200 million.

That portfolio includes over 12,000 self-storage units in growing submarkets in Georgia, Alabama, Florida, North Carolina, and South Carolina.