Tulfra Opens Jersey City Storage Facility
This marks the first phase of a larger development.
Image courtesy of Tulfra Real Estate
Tulfra Real Estate has opened Jersey City Self Storage, a facility in Jersey City, N.J. This marks the project’s first phase, which features 797 climate-controlled units enclosed in a 115,000-square-foot, six-story building.
The development will consist of three phases. Upon completion, the self storage project will total 260,000 square feet.
At the start of the year, Fulton Bank issued a $13.6 million construction loan for this project, according to Yardi Matrix data, in a transaction arranged by JLL Capital Markets.
Located on a 2-acre site at 300 Thomas McGovern Drive, the property is adjacent to Liberty Park and near Interstate 78, which connects it to Lower Manhattan, some 7 miles northeast. The facility is also within 1 mile of Exchange Place and the PATH station.
Building features include units averaging 77.3 square feet and a 30-spot grade-level parking area. The facility is one of the 11 properties on a 3-mile radius, offering residents 3 net rentable square feet per capita, according to Yardi Matrix information.
Self storage pipeline to stabilize
Year-to-date as of October, Northern New Jersey saw 33 properties in all stages of development, the same data provider shows. The under construction pipeline included 11 facilities set to add 762,379 rentable square feet to the area.
Nationally, August saw 3,004 self storage properties in all stages of development, out of which 716 were under construction, 1,906 planned and 382 prospective projects, the latest Yardi Matrix self storage report shows. The ones under construction amounted to 53.6 million net rentable square feet, accounting for 2.7 percent of total stock, down 10 basis points month-over-month.
