Metro Storage Expands New Jersey Footprint
PNC Bank provided $12 million in financing for the development of the newly completed facility.
Metro Self Storage. Image courtesy of Metro Self Storage
Metro Storage LLC has opened a new self storage facility in Randolph, N.J., marking the company’s seventh location in the state. The three-story facility encompasses 86,000 square feet of rentable space.
Located at 353 Route 10 East, the property includes 838 climate-controlled units ranging from 25 to 300 square feet. A wrap-around drive aisle provides drive-up access to first- and second-floor large interior drive-in loading and unloading bays.
Additional features include contactless rentals, extended customer access hours, storage-to-office communication speakers, video surveillance and 24-hour access for certain units. According to Yardi Matrix, the recently completed facility was developed with help from a $12.1 million construction loan originated by PNC Bank in 2019.
The property, which answers both business and residential storage demand, is roughly 40 miles from downtown Manhattan. The Morris County single-family residential area is served by at least four other self storage facilities within a 3-mile radius.
In May, a 1,084-unit self storage facility broke ground in Northern New Jersey, reflecting the submarket’s appeal for developers. While self storage in the region is underpinned by local demand, additional factors such as land available for construction and New York’s underserved market are likely to further boost demand.
