Andover Properties Adds Florida Asset to Growing Portfolio
The 105,000-square-foot property encompasses 13 buildings.
Andover Properties has acquired Jim’s Stowaway, a 105,000-square-foot self storage facility in Naples, Fla. A private owner sold the asset. The property will now operate under the Storage King USA brand.
The facility includes 600 units and conventional drive-up, as well as two retail storefronts that are occupied by Napa Auto Parts and KC Marble & Tile. The property was built in five phases, between 1980 and 1997, and comprises 13 buildings across 8.1 acres. The storage facility offers climate-controlled units ranging from 25 square feet to 300 square feet. On-site amenities include video surveillance, gated access, on-site manager, as well as RV and boat parking.
Located at 3527 Radio Road, the property is near the Naples Airport and has access to Cape Coral and Fort Meyers through Interstate 75. The facility is one of the 20 available within a 3-mile radius, offering residents 9.2 rentable square feet per capita. As of August, 15 self storage properties traded in the Southwest Florida Coast market year-over-year, totaling 1.2 million square feet, Yardi Matrix data shows.
With this purchase, Andover Properties now owns 158 facilities in 18 states across the U.S., including 43 assets in Florida. Earlier this year, the company acquired Eau Gallie Self Storage, a 57,996-square-foot storage property in Melbourne, Fla. Lately, Andover has also been expanding its Texas portfolio with the purchase of a property in Dallas and two storage assets in the Greater Houston area.