The facility has been sold for $2.6M
October 27, 2015: A private real estate investment company, Andover Properties LLC, announces the acquisition of Lake Mariam Storage in Winter Haven, Fla., for $61.58 per net rentable square foot. The facility will be rebranded as Storage King USA.
“With the opportunity to expand this property significantly and implement their professional management system, the buyer will gain a stronger footprint in the central-Florida area,” Doyle said.
The self storage facility in Winter Haven, FL
sits on 23 acres of land. Constructed in the year 2005, it has 42,220 net rentable square feet in 230 climate- and non-climate-controlled storage units. The facility also has 20,889 square feet of rentable parking space and features solar panels.
According to a press release from BayView Advisors (BVA), the real estate company that brokered the transaction, there was substantial upside potential to expand on 4.3 acres, with utility infrastructure already in place on a vacant parcel and an additional 1 acre on which the property is situated.
Jay J. Crotty, managing partner, and Thomas A. Doyle, senior vice president, represented Andover Properties and the seller, BASC LLC.
New York City-based Andover Properties is owned by Brian and William Cohen. The firm focuses on the acquisition, development and management of industrial, retail and self-storage facilities in the North and Southeast. It manages over 18 storage properties in Florida, Pennsylvania, Maryland, New Jersey, North Carolina, and Tennessee under the Storage King USA brand.
Based in Tampa, Florida, BVA is an investment sales and advisory firm specializing in self-storage acquisition, development, facility expansion and renovation, refinancing, and sales.