Tulfra Real Estate obtained construction financing for a planned 795-unit self-storage facility in Jersey City, NJ, the first of three phases for a project near Liberty State Park. Fulton Bank is providing the loan for an undisclosed amount in connection with the six-story, 103,500-square-foot facility at 300 Thomas McGovern Drive. Construction recently started. The completed facility will be managed by Public Storage. JLL’s Michael Klin and Jon Mikula sourced the debt on behalf of the Rochelle Park-based developer and its affiliate, TFJ Jersey City LLC. Eventually, there will be 260,000 square feet.
Source: Real Estate NJ
Under construction
Elsewhere in NJ, Great American Storage, RSG Development and Stratford Borough Mayor Linda Hall began a demolition to make room for a new, 107,100-square-foot self-storage facility in Stratford, NJ. The project started Nov. 20 and will result in a new 107,100 gross-square-foot self-storage facility at 76 Berlin Road. It will have 814 storage units, including 779 climate-controlled and 35 drive-up non-climate-controlled units. Source: informny.com
Planned
JEM Florida has proposed building a self-storage facility on a 5.85-acre site on the northwest corner of River Road and East Venice Avenue in Sarasota County, FL. A zoning change is required for the project to proceed. Source: Sarasota Herald Tribune
Completed
U-Haul opened in the former Kmart building at 2200 Allentown Road, Lima, OH, after buying the 13.4-acre property in 2003. It’s located 1 mile from a former full-service facility at 1608 Elida Road. U-Haul owns the adjacent retail shopping center and plans to continue leasing space to tenants. Source: Yahoo!
Owner Jim McHargue completed another expansion of his U-Save Self Storage site, just north of Jim’s U-Save Pharmacy in Aurora, NE. He built the initial 36 units in 2013 and now has 90. Source: Aurora News Register
Blocked
In New Jersey, the Hopewell Township Zoning Board turned down an application seeking a variance to build a self-storage facility at 130 Washington Crossing Pennington Road. The proposal had plans for a two-story, 1,500-square-foot facility and room for vehicle storage. Source: mercerme.com
Development of the planned storage facility at 6 Cambridge Drive in Trumbull, CT, has been halted temporarily. Newman Realty Partners, a commercial real estate development company based in Florida, was slated to buy the 4.54-acre property from Cambridge Office LLC. It was going to be a three-story, 112,000-square-foot climate-controlled building, plus five other smaller self-storage buildings Source: CT Post
Bruce Goldberg
Bruce Goldberg is a freelance writer and editor based in Denver. He worked in newspapers and magazines as both a business writer/editor and sportswriter/editor for 35 years.