Bedford, NH – Joseph Mendola and Joseph Robinson of NAI Norwood Group, sold a fully approved 1.2-acre site on Nantucket, Massachusetts. The Argus Self Storage Advisors Broker Affiliates sold the property to a private equity developer. The site is approved for a 92,000 square foot state-of-the-art climate-controlled facility in the center of the island. Joseph Mendola had the following to share about the sale, “In New England barriers to entry are some of the largest drivers to value and Nantucket is a prime example of limited supply of land and a long approval process, that add value to the site for years to come.”
Nantucket was formed about 5,000 years ago from a volcanic eruption in the ocean some 35 miles off the coast of Cape Cod, MA. The island has high barriers to entry for commercial development partly because the Land Conservation Foundation owns almost 30% of the valuable land there. It is also the home of the whaling vessel Essex that was sunk by a sperm whale in 1820. This story inspired Herman Melville to write the classic Moby Dick.
Nantucket is also the choice of summer homes for some of the most successful businesspersons in America. The median house value in 2024 was $4.8 million. The demographic plays well in to the need for climate-controlled space because of the value of goods needing to be stored by residents.
Based in Denver, Colorado, Argus Self Storage Advisors (Argus) 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, the Argus network 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.
