The facility was acquired for $2.9 million
February 25, 2015
- Andover Properties LLC operates Storage King USA brand of self-storage facilities. It has purchased Shamrock Storage, a facility located in Pensacola, FL
. The property was sold by Rref Snv-Fl Ssl LLC, a Florida limited-liability company.
Jay Crotty, managing partner, and Thomas Doyle, senior vice president, of BayView Advisors represented the buyer and seller in the transaction. “This facility represented a compelling opportunity for the buyer, as there was upside opportunity to drive revenue through increasing occupancy,” Doyle said.
The self-storage is located at 551 S. Fairfield Drive. It consists of 51,155 net rentable square feet of storage space on 1.79 acres of land. The property was built in 2008 and has three story structures. It features 474 climate-controlled units and five vehicle-parking spaces. The other amenities include video cameras, online bill pay, 24-hour access, and the sale of moving and packing supplies. The self-storage offers Penske truck rentals.
Andover Properties LLC has acquired four properties in November and December. These include two in Florida, one each in Maryland and North Carolina. The company is owned by Brian and William Cohen and operates facilities totaling more than 1 million rentable square feet and 9,000 units.