StorageBlue Opens 100 KSF Newark Facility
The owner took out a $9.6 million construction loan in 2022.
StorageBlue has opened StorageBlue Newark, a 100,000-square-foot self storage facility in Newark, N.J.
The property is a redevelopment project and the building was initially a section of a logistics complex. After a $13 million modernization of the former Ballantine brewery plant completed by then-owners Turnbridge Equities and Long Wharf Capital, the joint venture sold a portion of the industrial asset at 425 Ferry St. to StorageBlue for $8.3 million in 2022.
That same year, the storage owner took out a $9.6 million construction loan for the facility, provided by iBorrow, Yardi Matrix data shows.
The three-story Class A facility features climate-controlled units, ranging between 10 and 400 square feet. Amenities include video surveillance with AI-enabled cameras and sensors, packing supplies, contactless renting, keyless unit access, truck rentals, drive-up access and an on-site manager.
The StorageBlue facility is in the Ironbound section and has access to U.S. Route 9 and Interstate 95. Downtown Newark is less than 2 miles away. The property is one of the 15 available within a 3-mile radius, offering residents 4.4 rentable square feet per capita. The Northern New Jersey market had 13 self storage properties under construction as of October, set to add approximately 1.1 million rentable square feet to the existing inventory, according to Yardi Matrix.
Despite construction booming in the years following the start of the pandemic, self storage development is expected to slow down. Nevertheless, investors remain optimistic due to the sector’s resilience and asset class specificity.
