Buyers of an Amity Road property plan to build a four-story self-storage facility on a lot across from the Amity plaza in New Haven.
Mequity New Haven LLC and principals Bill Marsh and Robert Holly bought the roughly ¾-acre site from Guilford-based 129 Amity Road LLC and principal Glen Greenberg for $1.75 million in a deal recorded Jan. 11.
The property, near the intersection of routes 63 and 69 and next to Route 15, features one 6,900-square-foot industrial warehouse building built in 1960.
The new owners plan to build a four-story facility with 456 climate-controlled self-storage units over 45,525 rentable square feet of space.
Georgia-based Mequity Companies builds and operates self storage facilities in the surrounding metropolitan areas of New York City, Northern New Jersey, Connecticut, and Boston, among others.
The New Haven project has all approvals and construction documents in place for work to begin.
Luke Dawley, Nathan Coe, Brett R. Hatcher and Gabriel Coe, investment specialists in commercial real estate brokerage firm Marcus & Millichap’s Columbus, Ohio office, represented the seller and procured the buyer in the transaction.
John Krueger, Connecticut broker of record, assisted in closing this transaction.
“We are excited to close on another fully entitled self-storage development in a changing market with an out-of-state buyer, which is a testament to the positivity in the storage market for years to come,” Dawley said.
The property has an appraised value of $624,000.
