Andover Properties Buys 2 Texas Storage Facilities
Marcus & Millichap represented the seller in the transaction.
Andover Properties has acquired AA Stor All and B’s Stor All, two storage facilities totaling 76,670 square feet in San Antonio and New Braunfels, Texas, public records show. First Vice President of Investments Jon Danklefs from Marcus & Millichap’s San Antonio office worked on behalf of the seller, a limited liability company.
Completed in 1979, the four-building AA Stor All comprises 24,750 net rentable square feet of storage space and 170 non-climate-controlled units with drive-up access. The facility also offers RV and boat parking options, an onsite manager and 38 outdoor parking spaces.
Located at 11931 O’Connor Road, in a largely penetrated market, the facility is one of 25 properties within a 3-mile radius, with 12.9 net rentable square feet of storage space available per capita, significantly above the 6.9 national average. Despite remaining an oversupplied metro, San Antonio registered more than 7.5 percent rent growth on an annual basis in January, the latest Yardi Matrix report shows.
B’s Stor All facility, spanning 3.6 acres, was built in two phases, in 1986 and 1995. The property encompasses 237 non-climate-controlled units across six buildings, ranging from 50 to 300 square feet. This facility also has RV and boat parking, drive-up access, security features and 49 parking spaces.
The asset, located at 868 S. State Highway 46 in New Braunfels, is one of the 23 storage facilities within a 3-mile radius, offering residents 27.3 of net storage square feet per capita.
Andover Properties has been active in the Texas storage market, as just last month, it acquired a 76,000-square-foot storage facility in Garland and another 89,000-rentable-square-foot facility in College Station.