Andover Properties has acquired an 88,703-rentable-square-foot self storage property in Norwood, N.J. A private owner sold the Class A asset, according to Yardi Matrix data. The facility now operates under the Storage King USA brand.
The property came online in 2021 and was subject to an $11.7 million construction loan in 2019, funded by Wells Fargo Bank, the same source indicates.
The three-story, three-building property offers 840 non-climate and climate-controlled units, ranging between 25 and 300 square feet. Amenities at the property include video surveillance, drive-up access, contactless renting, gated access, retail services and on-site management.
The property is located at 475 Walnut St., less than one mile from downtown Norwood and 23 miles from Yonkers. The facility is one of the six available within a 3-mile radius, offering residents 8.1 rentable square feet of storage space per capita. With most of the storage properties in the surrounding area boasting a 90 percent occupancy rate, Andover plans to maximize the asset’s potential by completing its lease-up phase.
As of January, three properties totaling 236,584 square feet changed hands in New Jersey over a 12-month period, Yardi Matrix data shows. The market currently has 32 self storage properties under construction, set to add 2.3 million rentable square feet to the existing inventory.
Andover Properties’ storage portfolio spans more than 13 million square feet across 165 facilities in 18 states. The company made a significant purchase in the second half of 2023 with the acquisition of AAA Platte Self Storage from Crystal View Capital, a 215,748-square-foot property in Colorado Springs, Colo.
