Allender Self Storage, a 79,600-square-foot facility in White Marsh, Md., has changed hands. Andover Properties has acquired the property from a private individual, Yardi Matrix data shows. The 500-unit facility will operate under the Storage King USA brand.
According to the same data provider, the asset last traded in 2009 for $2.5 million. The facility was also subject to two loans in 2015: PNC Bank originated $3 million and Peoples Bank originated $1.3 million.
The property was built in eight phases, between 2005 and 2018. The facility encompasses 17 buildings across 18.6 acres and offers 500 drive-up units, ranging from 40 to 352 square feet. On-site amenities include video surveillance, climate control, drive-up and gated access, as well as RV and boat parking.
Located at 5808 Allender Road, the property is 14.2 miles from Baltimore, while providing easy access to Interstate 95. The facility is one the four available within a 3-mile radius, offering residents 10.3 rentable square feet per capita. Yardi Matrix data shows that the Baltimore market currently has 34 properties in various stages of development, set to add approximately 2.2 million rentable square feet to the existing inventory.
Andover Properties portfolio expansion
Andover Properties has acquired several assets in Texas throughout the year. Recently, the company bought a 58,000-square-foot facility in Boerne, north of San Antonio. A larger transaction was announced in August, with the purchase of a portfolio in the Greater Houston Area, totaling 429,169 square feet.
Andover has also expanded its footprint in the Roanoke market, acquiring its third property, a 47,600-square-foot mom-and-pop facility, which will be rebranded under Storage King USA as well. Another recent transaction was the purchase of IN Self Storage, a 47,020-square-foot facility in Colorado Springs, Colo.
The Storage King USA portfolio now comprises 152 facilities in 18 states across the country.
