Andover Properties Acquires Squeeky’s Car Wash in St. Petersburg, FL
St. Petersburg, FL – November 28, 2023 – Andover Properties, a leading commercial property investment firm, has closed on the acquisition of a new express tunnel car wash facility in St. Petersburg, Florida, located at 3264 Tyrone Blvd N. This strategic acquisition expands Andover’s car wash portfolio to a total of five locations.
The St. Petersburg property, branded as Squeeky’s Car Wash, is positioned on a well-traveled road with a daily traffic volume of 32,000 vehicles. Its strategic proximity to area retail centers is anticipated to drive demand, supported by a substantial population of 95,000 people within a 3-mile radius.
Andover, with its focus on alternative real estate asset classes with operational complexity, views this acquisition as a significant step in diversifying its portfolio. The company is actively seeking opportunities for national expansion, focusing on acquiring high-quality assets in fast- growing markets characterized by resident and corporate in-migration, and relative affordability.
Brian Cohen, President and CEO of Andover Properties, said, “The car wash industry is evolving, and Andover is committed to leading the way by delivering outstanding experiences for our customers. We are excited about the opportunities ahead and look forward to providing top-notch service to the St. Petersburg community.”
Zach Harding, CIO of Andover Properties, added, “At a time of capital markets upheaval, investor uncertainty, and pronounced new car wash supply, we expect to see more of these opportunities in the coming months and years, with the potential for asset prices to become even more attractive. We are ready to deploy our investors’ capital in a disciplined and judicious manner as opportunities arise.”
As part of the transaction, Andover acquired the Squeeky’s intellectual property and intends to rebrand future acquisitions under the Squeeky’s brand. Squeeky’s will come to symbolize best in class service, a memorable customer experience, and high levels of customer satisfaction, consistent with Andover’s operating philosophy across its businesses.
About Andover Properties
Andover Properties is an investment firm that owns, operates, and develops commercial property throughout the United States, with a focus on alternative real estate asset classes such as self storage, manufactured housing, RV parks, and car washes. We are one of the largest private owner-operators of self storage facilities in the United States. Our current storage portfolio totals nearly 13 million rentable square feet across 161 facilities in 18 states and operates under our Storage King USA brand (https://www.storagekingusa.com). Andover was founded in 2003 by Brian and William Cohen, and is headquartered in New York City with offices in Miami and San Francisco. For more information please visit our website: https://www.andoverprop.com
Contact:
Sarah S. Berman
The Berman Group, Inc.
212.450.7300
sberman@bermangrp.com