Season 3, Episode 5: Brian Cohen, CEO of Andover Properties, joins the show for a candid deep dive into how he scaled a self-storage empire and why the best buying opportunities today are in the asset classes no one wanted a decade ago.

From distressed storage deals and long lease-ups to launching a credit platform with Angelo Gordon, Brian breaks down what makes Andover different and why data, automation, and institutional discipline give them a lasting edge.

We discuss:

– Why self-storage outperformed during the GFC

– How lease-up timelines have doubled post-COVID

– What most operators miss about private credit

– Wild stories from inside storage units

Brian also shares why he avoids third-party management, what makes below-replacement-cost deals so compelling, and how Andover uses AI to make smarter decisions across all verticals.

TOPICS

00:00 – Intro and Sleep Tech Rant

02:00 – From Tishman Speyer to Self-Storage

06:00 – Lack of Sophistication in Early Storage Industry

10:00 – Lease-Up Timelines and Developer Distress

14:30 – Loan Acquisitions and Launching a Lending Platform

19:00 – Why They Avoid Third-Party Management

22:30 – Drug Busts, Guns, and Other Storage Finds

26:00 – The Car Wash Thesis and Token Economics

30:00 – AI Tools and Andover’s Data Strategy

34:00 – Buying 50% Below Replacement Cost

38:00 – Cycle Outlook and What’s Next for Andover

Shoutout to our sponsor, InvestNext. One platform to raise and manage capital for real estate investment.

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About No Cap Podcast

Commercial real estate is a $20 trillion industry and a force that shapes America’s economic fabric and culture. No Cap by CRE Daily is the commercial real estate podcast that gives you an unfiltered ”No Cap” look into the industry’s biggest trends and the money game behind them. Each week co-hosts Jack Stone and Alex Gornik break down the latest headlines with some of the most influential and entertaining figures in commercial real estate.

About CRE Daily 

CRE Daily is a digital media company covering the business of commercial real estate. Our mission is to empower professionals with the knowledge they need to make smarter decisions and do more business. We do this through our flagship newsletter (CRE Daily) which is read by 65,000+ investors, developers, brokers, and business leaders across the country. Our smart brevity format combined with need-to-know trends has made us one of the fastest growing media brands in commercial real estate.