N.J. Factory to Become Metro Storage LLC

Metro Storage LLC has purchased a former manufacturing facility in Carlstadt/Woodridge, NJ, and plans to demolish the existing buildings and construct a modern, Class A self storage facility. The project is Metro’s 13^th development with Fremont Realty Capital.

The factory is located on a four-acre site.

“We’ve had great success in the New York/New Jersey market and are looking forward to continuing our expansion with the repurposing of this property into a modern, consumer-friendly, self storage facility,” said Matthew Nagel, chairman of Metro Storage LLC.

The new 85,000-rentable-square-foot building is in a densely populated business and residential area near the Meadowlands sports complex.

Highlights of the facility include 883 climate controlled units with interior loading and unloading bays, elevator access to all floors and a modern retail office. The project is scheduled for opening in late 2017. 

Miami Moves to Limit Self Storage Amid Strong Development

Analysts and city officials are raising concerns about potential overbuilding of self storage in the Miami market.

The city’s Planning, Zoning and Appeals board requested regulations that will restrict future projects by changing the city’s zoning ordinance. The regulation would set more stringent distance requirements between storage facilities and single-family homes in the market.

According to STR, a Tennessee-based market research company, a total of 85 self storage projects are in various phases of development in Miami. This total incudes unconfirmed projects that have not yet been zoned or approved. Of these 85 projects, STR expects 43 to be completed, which would be a 10% growth in supply. The average size of facility under development is 71,647 net rentable square feet.

Demand for storage remains strong and it’s widely believed that Miami has lower than average square feet of storage per capita.

Chicago Suburb Bans Self Storage Development

The village of Lincolnwood near Chicago has adopted an ordinance that prohibits self storage facilities and warehouses from opening new facilities within commercial zoning districts along main arterial roadways. The village board trustees voted unanimously for the zoning code amendment to address concerns about businesses that don’t generate desirable levels of sales taxes. 

The zoning change means self storage companies won’t be able to open within two types of zoning districts where those types of businesses have historically been allowed – areas zoned for manufacturing/business and office uses. The change follows a moratorium on storage facilities approved in July.

New Storage Being Developed Near Denver

The fast-growing suburbs of Denver are getting more self storage. The city of Arvada has approved development of a 645-unit self storage facility in the western community.

Blue Wing Capital Management, LLC, based in Littleton, has put a 2.9-acre site on W. 69^th Avenue under contract pending a zoning change to allow storage use. Groundbreaking should happen in February.

The facility will include 89,539-square feet and be managed by Life Storage.

S.C. Shopping Center to be Converted to Storage

A shopping center in Greenville, S.C, is set to be converted to a self storage facility.

Ziff Properties, Inc. of Mount Pleasant, SC, will turn the former buncombe Plaza shopping Center into 777 units in a storage facility of 67,500-square-feet. The facility will also include storage for boats and recreational vehicles.

Ziff Properties already owns storage facilities in Greenville, Spartanburg, Anderson and Clemson.

U-Haul Plans New Facility in Albuquerque

U-Haul will open a new company-owned and operated storage facility in Albuquerque’s growing Westside by fall of 2017.

U-Haul acquired a five-acre site in October and plans to build a 1,032-unit facility there. The company will hire 12 people to staff the new facility.

“Most of the housing growth is happening here in the Westside community,” said Tom Neill, U-Haul’s Northern New Mexico president. “U-Haul will provide these neighborhoods a much-needed product and service at a lost cost.”

Hawaii Portfolio Sold to Extra Space

JLL Capital Markets has completed the sale of a Hawaii Self Storage portfolio to Extra Space Self Storage. The two storage facilities in Hilo and Lihue make up 84,507-square-feet of storage. The seller was five Star Enterprises, LLC.

“The portfolio provided a rare opportunity to acquire two self storage properties in Hawaii unencumbered by debt or land leases,” said Managing Director Brian Somoza.

The combined properties have more than 800 units and include individually alarmed units.