Albacado Limited Partnership sold a 2.96-acre lot on the corner of Beechwood Dr. and RT.125 in North Andover, Massachusetts to a private equity joint venture. The joint venture has received approvals to develop a state-of-the-art 90,000 2.96-acre self-storage facility. This site is directly across the street from the redevelopment of a 2.5 million sq. ft. Amazon distribution center.
This self-storage facility will serve the Andover, North Andover and Haverhill communities. North Andover and Andover have unmet demand for a facility of this type. Haverhill, MA downtown has gone through a major regentrification effort with market rate apartments and condominiums. The downtown is dotted with boutique shops and restaurants that appeal to the millennial generation that live there. Haverhill supplies housing costs for these workers that are significantly less that what they would pay in the Boston proper market. With the development of a new transportation center in Haverhill, residents have several choices, including rail to get to the downtown Boston area without having that extra parking expense.
The self-storage facility will be the first in this market to offer touch free shopping and renting for a self-storage unit. Customers will also be able to access the security gate system and access to the building from their smart phone completely touch free.
Steve Desisto of Coldwell Banker Commercial represented the seller and Joe Mendola and Joe Robinson of NAI Norwood Group represented the buyer in this transaction. Mendola and Robinson are Argus Self-Storage Real Estate Advisors covering New England for Argus. Mendola also assembled the private equity joint venture for this development.
Joseph Mendola is located in Bedford, New Hampshire and is the Argus Self Storage Advisor broker affiliate for northern New England. He can be reached at 603-668-7000 x203. Based in Denver, Colorado, Argus Self Storage Advisors was formed in 1994 to assist owners and investors of self-storage with their real estate needs. Through the years, Argus has assembled a network of real estate brokers experienced in self-storage and income property investments. Now the largest self-storage brokerage network in the United States, Argus has 36 Broker Affiliates covering nearly 40 markets. These brokers are able to meet the needs of self storage investors and owners whether it is acting as a buyer’s agent or listing and marketing a property. For more information call 1-800-55-STORE or visit www.argus-selfstorage.com.