Extra Space Storage Opens 110 KSF Connecticut Facility
The building is the largest of its kind in the area.
DSA Capital LLC and Extra Space Storage have opened a 110,000-square-foot self storage facility in Brookfield, Conn. The four-story building is the largest single-building self-storage facility in the Greater Danbury area, according to the developers.
De Stefanis & Associates of White Plains, N.Y., led the development team that brought the property online.
The climate-controlled facility consists of 810 units, out of which 57 are drive-up, with sizes ranging from 25 to 300 square feet. Amenities include security features, storage lockers, 24-hour access and on-site staff.
Two Extra Space facilities in Brookfield
The property is at 23 Grays Bridge Road, at the intersection of Candlewood Lake, Federal and Grays Bridge roads. The facility is near Super Route 7 and less than 1 mile from the Candlewood Lake Plaza shopping center, as well as other restaurants and retail options. Danbury city limits are also less than 1 mile away, while downtown is some 5 miles southwest.
Roughly 2.5 miles north of the new property, Extra Space Storage owns another self storage facility, at 578 Federal Road. These are two of the three self storage properties available within a 3-mile radius, according to Yardi Matrix, offering residents 7.5 rentable square feet per capita.
While self storage fundamentals have weakened to some degree, the Fed’s interest rate cuts are bringing a bit more certainty to the investment market. Meanwhile, advertised asking rents have continued to slide, with the overall U.S. rate down to $16.55 per square foot as of September, a 3.5 percent year-over-year decrease. Most of the top 30 metros tracked by Yardi Matrix saw rent declines, with the rare exception of Washington, D.C., which showed a slight increase.
