Andover Properties Buys Colorado Springs Storage
The property will operate under the Storage King USA brand.
IN Self Storage. Image courtesy of Marcus & Millichap
Andover Properties has acquired IN Self Storage, a 47,020-square-foot self storage facility in Colorado Springs, Colo.
The property, which will operate under the Storage King USA brand, sold for $4.6 million, according to El Paso County records. The asset was previously owned by a private individual, Yardi Matrix data shows.
Senior Managing Director Adam Schlosser, Executive Managing Director Charles LeClaire, as well as Vice President Thomas Parsons of Marcus & Millichap, represented the seller in the transaction.
The facility was originally completed in 1990 and hosted Toys-R-Us before being converted to self storage in 2021. The property is a one-story building spread across 3 acres and encompasses non-climate and climate-controlled units ranging from 25 to 250 square feet. On-site amenities include 24-hour video surveillance, interior access for all enclosed units, new Janus roll-up doors and 36 parking spots for RVs.
Located at 3730 Citadel Drive N., the facility is 4.3 miles from downtown Colorado Springs and close to the intersection of East Platte Avenue and North Powers Boulevard. Colorado Springs Airport is just 8 miles away. The property is one of the 31 available within a 3-mile radius, offering residents 13.1 rentable square feet per capita. According to Yardi Matrix data, as of October, five storage properties traded in Colorado Springs year-to date, ranging from 26,071 to 132,860 square feet.
One of Andover Properties’ latest acquisitions includes the purchase of a 17-building Bay Area facility. Following a rebranding, the 148,900-square-foot property also operates under the Storage King USA flag.
