Lee & Associates Closes on $21 Million in Loans for Self-Storage Properties

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By The Hoyt Organization -

Torrance, CA – March 22, 2011 – (RealEstateRama) — Lee & Associates Commercial Real Estate announces that Andover Properties LLC (Storage King USA) purchased $21 million worth of loans for four self-storage properties in Florida and Missouri. The properties comprise more than 420,000 square feet and 2,880 units.

Steve Bruce and Clifford Crowe, CCIM, of Lee & Associates National Self Storage Group brokered the off-market transaction, representing both the seller and the buyer. Ed Indvik, a principal in the Los Angeles Lee & Associates office referred the seller.

Andover President Brian Cohen completed the purchase of the loans in an all-cash transaction. The deal adds to Andover’s two previous loan pool purchases made over the past year. Andover, a developer and owner/operator of self-storage facilities on the East Coast, continues to partner with Angelo, Gordon & Co., a privately held alternative-investment advisor with approximately $23 billion under management across various disciplines.

Bruce and Crowe are both principals at Lee & Associates’ North San Diego office and are the Self Storage Specialists for each of Lee’s 41 nationwide offices.

About Lee & Associates
Lee & Associates Self Storage Group provides commercial real estate brokerage and advisory services to public and private investors/owners, investment trusts, banks, receivers, and other lending institutions throughout California and the U.S. for self storage facilities. Our expertise focuses on acquisitions, dispositions, and property/portfolio evaluation for self-storage properties. As a member of the Lee & Associates Group of Companies the group also provides its clients with access to local market expertise through 41 offices in California, Arizona, Georgia, Idaho, Illinois, Indiana, Michigan, Missouri, Nevada, New Jersey, Texas and Wisconsin. In addition it has close ties with the top producing self-storage brokers throughout the U.S., not included in the  group of Lee & Associates offices. For more information, call (760) 929-9700 or visit www.LeeSelfStorage.com.

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