Andover Properties Acquires 2 Storage Assets in North Carolina
The company's Storage King USA portfolio now holds 123 facilities.
Andover Properties has expanded its self storage portfolio with the acquisition of two facilities, totaling 106,000 square feet in Calabash and Winnabow, N.C. The 771-unit facility will be managed under the firm’s Storange King USA brand.
The property in Calabash was completed in five phases between 1998 and 2014 and offers 63,308 rentable square feet of non-climate and climate-controlled units, ranging between 25 and 200 square feet. The facility has drive-up access, on-site management and RV and boat parking options.
The second facility, located at 20 Edgewood Lane in Winnabow, comprises 25- to 450-square-foot non-climate controlled and climate-controlled units, totaling 35,278 rentable square feet. Property features include drive-up access, RV and boat parking and truck rental options.
Both facilities are located in undersupplied areas, as the Calabash asset is one of the two storage facilities within a 3-miles radius, offering residents 5.9 rentable square feet per capita, below the 6.9 national average, whereas the Winnabow facility is the only one in the area.
The firm’s expansion is set to meet the area’s needs, driven by population growth and the expanding multifamily market, according to prepared remarks from CIO Zach Harding. Currently, the Storage King USA portfolio totals 123 facilities across the country, including the five-property self storage portfolio in Dallas, acquired last year.