Andover Properties Acquires 62,000-Square-Foot Self Storage Facility in Leominster, Massachusetts

NEW YORK — Andover Properties has acquired a self storage facility in Leominster, Massachusetts, the New York-based investment firm announced Sept. 10, 2026. The property, located at 123 First Street, adds nearly 62,000 net rentable square feet and approximately 800 units to Andover's national self storage portfolio, which it operates under the Storage King USA brand.

Property Details and Asset Profile

The Leominster facility, formerly known as Landmark Self Storage, is a multi-story building originally constructed in 1901. The asset offers a mix of climate-controlled storage and drive-up access units, along with elevator and freight lift access, loading docks, and video surveillance. The building's historic industrial character is consistent with adaptive reuse conversions common in New England mill towns, where older building stock is repurposed for self storage rather than developed from the ground up.

The property traded for $7,870,000, or approximately $106 per square foot. Andover's press release describes the asset as spanning nearly 62,000 NRSF across almost 800 units; a prior marketing listing for the same address cited 74,384 NRSF and 796 units. The difference likely reflects varying measurement standards or Andover's underwriting of leasable space versus total building area.

The facility will be rebranded as Storage King USA – Leominster and managed through Andover's in-house operating platform, which encompasses property management, asset management, marketing, revenue management, capital markets, and construction.

Brian Cohen on the Acquisition Strategy

"This acquisition exemplifies Andover's core investment strategy of acquiring well-located facilities from independent owners and leveraging our robust operating platform to unlock value," said Brian Cohen, President and CEO of Andover Properties. "Leominster is an attractive market with strong fundamentals. As we continue to grow across the Northeast and nationally, acquisitions like this demonstrate the strength of our strategy."

The deal reflects Andover's stated focus on consolidating self storage assets in markets it views as supply-constrained, particularly across the Northeast.

Andover Properties' Growing National Footprint

Andover Properties was founded in 2003 by Brian Cohen and William Cohen and is headquartered in New York City, with additional offices in Miami and San Francisco. The firm describes itself as one of the largest private owner-operators of self storage facilities in the United States, with a portfolio exceeding 14 million square feet across more than 175 facilities in 20 states.

The Leominster acquisition follows a series of deals Andover has completed in 2026. In June, the firm acquired a two-property portfolio in the Denver–Lakewood, Colorado area totaling approximately 155,500 NRSF and 1,790 units. In May, it added a 54,000-square-foot, 487-unit facility in Garner, North Carolina, formerly operating as Cleveland Storage. In 2024, Andover acquired a six-property portfolio from Metro Self Storage comprising nearly 500,000 NRSF across Philadelphia-area and Florida markets, including Sarasota, St. Petersburg, and Fort Myers.

Across these transactions, Andover has pursued a consistent approach: acquiring facilities from independent operators or regional portfolios in secondary and tertiary markets, then integrating them into the Storage King USA operating platform. The firm's self storage strategy centers on the sector's fragmented ownership landscape, which it views as a consolidation opportunity, along with the asset class's relatively low capital expenditure requirements and high cash flow conversion characteristics.

Market Context

Self storage has drawn sustained institutional interest in recent years as investors seek alternative real estate asset classes with defensive cash flow profiles. Andover's broader portfolio spans self storage, manufactured housing, RV parks, small-bay industrial, and car washes — sectors that share characteristics of fragmented ownership and operational upside through professional management.

The Leominster facility represents the firm's continued push into the Northeast, a region where infill locations and historic building conversions have become a recurring acquisition theme for Storage King USA. With the rebranding and operational integration underway, the property is expected to benefit from Andover's centralized revenue management and marketing infrastructure.

Sources

Andover Properties – Official Announcement, Sept. 10, 2026