The Planning Board recently approved True Storage’s project site plan and granted a special permit for what was described as a self-storage, mini-warehouse facility.”
The future of 55 Loon Hill Road now seems settled after several years of inaction on its disposition and sale.
True Storage, based in Manchester, N.H., bought the 3.67-acre lot for nearly $1.4 million in a deal put together by Mansard, a real estate firm based in Andover specializing in commercial properties. The Planning Board recently approved True Storage’s project site plan and granted a special permit for what was described as a self-storage, mini-warehouse facility.
The land at 55 Loon Hill Road was once the proposed location of a 120-bed skilled nursing center. Genesis HealthCare intended to develop a collaborative facility with Lowell General Hospital and UMass Lowell on the property. In 2017, the anticipated capital expenditure was $26.3 million.
In marketing material describing the site, Mansard stated, “This lot is surrounded by a retail center, Arbors Assisted Living, CVS, Circle Health Urgent Care, USPS and Dracut Police Department.”
True Storage told the Planning Board it will own the land and building, but a property management company will operate the business. The company’s site plan calls for a three-story building.
True Storage purchased the building from a limited liability company called Odd Lot with an address in Kennett Square, Pennsylvania. Several such companies have been part of the recent history of this property and its ultimate sale to True Storage. An LLC can make it difficult to determine who is really involved in the sale of property. The LLC associated with True Storage was 55 Loon Hill Nashua.
In a statement, Chris Melanson of Mansard said, “We are happy with the outcome, both parties achieved what they were looking for. It was a great opportunity for both the buyer and seller to dispose and acquire this well-located piece of land for further development.”
