Andover Properties Buys Oklahoma Storage Facility

1423 S. Council Road. Image courtesy of Andover Properties Andover Properties has acquired a 90,500-square-foot…

1423 S. Council Road. Image courtesy of Andover Properties

Andover Properties has acquired a 90,500-square-foot self storage facility in Oklahoma City, Okla., rebranded as Storage King USA, and paid $7 million for the asset, according to Oklahoma County records. This is the company’s first property in the metro. The asset was previously owned by a private individual and the property last traded in 2015, Yardi Matrix data shows.

Spanning 10 acres, the facility encompasses 359 non-climate-controlled units ranging from 25 to 1,000 square feet. The facility was built in two phases, completed in 1992 and 2001 and was also expanded recently in 2021. On-site amenities include RV and boat parking, retail and warehouse space, as well as covered and open parking.

Located at 1423 S. Council Road, the property is some 8 miles from central Oklahoma City and has access to interstates 40 and 44, being located across the road from an Amazon sortation facility. The self storage property is one of the nine available within a 3-mile radius, offering residents 18.55 rentable square feet per capita. Currently, there are five properties in various stages of development in the market, set to add 281,027 rentable square feet to existing inventory, Yardi Matrix data shows.

Andover Properties owns a portfolio of 141 facilities in 18 states, under the Storage King brand. The company’s recent acquisitions include three assets in Texas, a 197,000-square-foot facility in Dallas-Fort Worth, as well as two in metro San Antonio, totaling 76,670 square feet.

See also  CBRE IM Buys Phoenix-Area Self Storage Asset