CrownPoint Group JV Plans 135 KSF Storage Facility
The property will operate under the Extra Space Storage brand.
A joint venture of CrownPoint Group Inc. and Lamar Cos. has acquired a land parcel in Newark, N.J. The partnership plans to develop a 135,000-square-foot self storage facility and the city council has approved the construction plans.
The 1-acre site contains a former salvage yard. Upon completion, the six-story building will encompass more than 1,200 climate-controlled units. The facility will operate under the Extra Space Storage name. Properties under this brand usually feature units ranging from 25 to 300 square feet and offer amenities such as video surveillance and personalized security codes to access gates and entry points.
The property will take shape at the corner of Avenue L and Wilson Avenue, near the intersection of U.S. Routes 1 and 9, in the Ironbound District. The routes serve as a southbound exit and northbound entry point at Wilson Avenue and extend from New York City to Hudson, Bergen and other counties. The surrounding area includes industrial properties, as well as residential communities.
According to Yardi Matrix data, the facility will be one of 13 available within a 3-mile radius, offering residents 2.8 rentable square feet per capita. As of September, the New Jersey Northern market had a supply pipeline of 57 self storage properties in various stages of development, set to add some 3.4 million square feet to the existing inventory, the same source shows.
Since its founding in 2013, CPG has invested and developed more than 2.5 million square feet of storage space, valued at more than $500 million.