New Jersey Self Storage Facility Breaks Ground
- May 21, 2021
Quinlan Development Group has broken ground on a 1,084-unit self storage facility in Fair Lawn, N.J. Bank OZK is financing the project with a $17 million loan.
Slated for completion in the second half of 2022, the 123,000-gross-square-foot facility will have three stories. The 1.6-acre project site is located at 16-09 and 16-17 Route 208, 20 miles northwest of Midtown Manhattan and a half-mile from the Radburn NJ Transit station.
The development site, located within a dense, single-family residential area, is within 3 miles of some 7,300 multifamily units, Yardi Matrix shows. The parcel, opposite the 150-unit Fair Lawn Promenade community, is adjacent to a retail corridor and a small industrial area.
The Fair Lawn project is Quinlan’s fourth self storage development in the past three years. The other three facilities are also in the Northern New Jersey market.
North Jersey’s secondary appeal
The New York metro, encompassing Northern New Jersey, is the most undersupplied market when it comes to self storage space, with only 3.5 net rentable square feet per capita, well under the national average of 6.7. However, facilities under construction and in planning stages accounted for more than 17 percent of existing inventory in March, the leading rate across all metros, according to Yardi Matrix.
Northern New Jersey’s self storage sector benefits from the primarily residential appeal of the area, bolstered by its proximity to New York City. With fewer land constraints, the suburban zone is also positioned for future development activity.