FRAMINGHAM – Marcus & Millichap announced the January sale of 5.74 acres of land in south Framingham, proposed to be re-developed as a storage unit facility.
The property, located at 71 Bishop Street, was sold for for $5.8 million to an out-of-state real estate company Twain Financial Partners.
The real estate investment company out of St. Louis Missouri, has entered into a 99-year lease with Mequity Framingham
LLC, to re-develop the former Dennison Manufacturing Company property as a storage unit facility.
The proposal is for 717 climate-controlled units and 213 non-climate units totaling 80,000 net rentable square feet in phase one.
“Mequity is developing a new 126,691 gross square foot self storage facility in the City of Framingham, Massachusetts. … The project consists of the ground-up development of a three-story climate-controlled building and three one-story drive-up buildings. The project will be complete in early 2022 and will be professionally managed by Public Storage,” said the Company on its website.
The Framingham Zoning Board of Appeals granted Clinton 100 CPI LLC variances for a self-storage facility in May 2019.
Nathan Coe, the lead broker, said “I am pleased to announce the closing of the Framingham self-storage development site. I am very excited for both the sellers and the buyers. This was a very competitive process where we received numerous offers from strong, reputable storage developers, and it sold above list price. I am excited to see the facility get built and lease up quickly.”