Public Storage has acquired Andover Street Self Storage, a 76,396-square-foot storage facility in Peabody, Mass. LCI Management sold the Class A asset for $19 million, according to Essex County records.
The property, which opened in February this year, was subject to three construction loans between 2021 and 2022. The most recent, a $18.6 million note closed last year in February, was provided separately by Newburyport Five Cents Savings Bank and Granite State Development Corp., Yardi Matrix data shows.
Senior Vice President Nathan Coe and Senior Managing Directors Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller. Vice President Thomas Shihadeh assisted in closing the deal.
The three-story building sits on 2.4 acres and encompasses 1,100 climate-controlled units, ranging from 15 to 300 square feet. On-site amenities include video surveillance, gated access, moving supplies and keypad access.
Located at 151 Andover St., the property is near the Northshore Mall, has access to Yankee Division Highway and is within 22 miles of downtown Boston. The facility is one of the 13 available within a 3-mile radius, offering residents 6.8 rentable square feet per capita.
As of July, 20 self storage properties totaling approximately 1.2 million square feet traded year-over-year in the Boston market, Yardi Matrix data shows. Of these, three were Class A facilities.
Since its founding in 1973, Public Storage’s footprint has expanded to reach more than 170 million rentable square feet. Earlier in spring, the company acquired a 45,850-square-foot property in North Dinwiddie, Va.
