Andover Properties Buys Florida Self Storage Asset

This acquisition brings the company’s portfolio to more than 150 facilities across the U.S.

Eau Gallie Self Storage. Image courtesy of Yardi Matrix

Andover Properties has acquired Eau Gallie Self Storage, a 57,996-square-foot facility in Melbourne, Fla., from a private owner. The $4.2 million sale was completed out of bankruptcy action, according to Brevard County records. The asset will operate under the Storage King USA brand.

The property last traded in 2010 and was subject to a loan in 2021 of $2.4 million, provided by Seacoast National Bank, Yardi Matrix data shows.

The property was built in three phases, between 1985 and 1990. The facility encompasses eight two-story buildings across 2.6 acres and offers non-climate and climate-controlled units ranging from 20 to 600 square feet. On-site amenities include video surveillance, gated and drive-up access, as well as parking for boat and RV.

The storage facility is located at 914 St. Clair St., within 4.3 miles from Melbourne Orlando International Airport, 65 miles from Orlando, providing easy access to Interstate 95 through the West Eau Gallie Boulevard. The property is one of the 14 available within a 3-mile radius, offering residents 13.8 rentable square feet of self storage space per capita. The Orlando market has a supply pipeline of 82 self storage properties in various stages of development, set to add approximately 5.1 million square feet to the existing inventory.

With this purchase, Andover Properties now owns 154 facilities in 18 states across the country, with 40 assets in Florida.

At the beginning of this year, the company expanded its Dallas storage footprint with an acquisition of a 50,250-rentable-square-foot facility. In late 2022, Angelo Gordon and Co. and Andover secured a $360 million loan for a 50-property storage portfolio.

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