Andover Properties Closes on “Great Value Storage” | Santa Clarita
Andover Properties, LLC (dba Storage King USA) has recently acquired Great Value Storage in Santa Clarita, CA, marking its fourth acquisition in the state of California and first in Los Angeles County.
The 105,743 NRSF multi-story property, which opened in late May 2019, offers 498 climate-controlled units, 574 non-climate-controlled units, and 85 wine storage units. The facility is well situated with frontage and visibility from Interstate 5, a major thoroughfare in SoCal with over 205,000 vehicles per day and is less than 3 miles from both Stevenson Ranch, a master-planned community that totals more than 6,000 homes, and Newhall Ranch, which is one of the largest residential developments in SoCal with over 21,000 units planned. “A brand-new Class A facility in a prime location is exactly how we wanted to plant our flag in Los Angeles County. We look forward to growing our portfolio in this highly desirable Tier 1 market,” states Brian Cohen, Andover’s President.
Michael Wachsman, Andover’s Director of Acquisitions, adds, “This property has leased up very quickly given the high-quality build. We think this asset is well-positioned in its market to quickly achieve physical and economic stability.”
About Andover Properties, LLC
Andover Properties, LLC, is an investor, owner, operator and developer of real estate throughout the United States, based in Manhattan, New York. The firm focuses on the acquisition, development and management of industrial, retail and self storage facilities. Andover is a leading sponsor in this area with expertise in all aspects related to these product types including acquisitions, asset management, leasing, property management, conversion, development and dispositions. Its investors and partners include global institutional real estate private equity funds and high net worth individuals.
Since inception in 2003, Andover Properties, LLC has owned or managed self storage assets totaling nearly 6.9 million rentable square feet across 53,300 units. Currently the firm owns and manages 73 self storage facilities in 16 states totaling over 5.5 million rentable square feet and 41,300 units, in addition to development projects. Andover Properties, LLC manages and operates its facilities under the brand Storage King USA (https://www.storagekingusa.com).