Metro Storage Expands New Jersey Footprint
A 558-unit property marks the company’s 10th asset in the state.
Metro Storage has opened an 81,400-square-foot facility in Wall Township, N.J. The property offers 59,245 square feet of storage space and marks the company’s 10th store in the state.
According to Monmouth County records, First American Bank provided a $10 million construction loan for the project. The development broke ground last year in June, Yardi Matrix data shows.
The three-story property sits on 2.5 acres and comprises 558 climate-controlled units, ranging from 25 to 300 square feet. On-site amenities include drive-up access, video surveillance, elevator access, loading and unloading bays, dollies and carts, automatic payment options and a retail office.
Located at 2274 Route 34, the facility is part of the New Jersey Central market, along the coast, near beach communities such as Belmar, Lake Como, Spring Lake and Spring Lake Heights, among others. The property is one of the three available within a 3-mile radius, offering residents 5.6 rentable square feet per capita. Martin Gallagher, president of Metro Storage, stated in prepared remarks that the company’s already established presence in the market provides an operational competitive advantage, enabling the company to deliver a facility suited for the area’s residents.
As of July, the market had a supply pipeline of 53 self storage facilities in various stages of development, set to add approximately 3.3 million square feet to the existing inventory, Yardi Matrix data shows.
Founded in 1973, Chicago-based Metro Storage has a portfolio of 85 self storage properties spanning across 12 states and encompassing more than 6.1 million rentable square feet. Earlier this year, the company expanded its Florida portfolio with a 675-unit property in Spring Hill, Fla.