Metro Storage has snagged a site in New Jersey for its latest conversion project.
The Lake Forest, IL-based operator bought the 4-acre site on Route 22 in Springfield, NJ, for $5.5 million. Sixth Avenue Electronics, a New York City-based chain that went out of business in 2011, formerly owned the site.
The Springfield facility will be the sixth location for Metro Storage in New York City, NY, market. “We’re looking forward to expanding our brand in that area,” company Chairman Matthew Nagel in a statement.
Metro Storage operates more than 95 facilities nationwide.
Metro Storage plans to convert the former Sixth Avenue Electronics store into a 900-unit climate-controlled facility, providing 85,000 square feet of rentable space.
To accomplish this, Metro Storage will remove a section of roof to build a second story. A separate section of the building will feature a two-floor mezzanine, and the rest of the building will consist of a single level of units. Metro Storage expects to complete the project during the fourth quarter of 2015.
The Springfield project is the latest conversion to emerge from Metro Storage’s development pipeline.
The company held a grand opening in November for a newly converted site in Deerfield, IL. Starting construction last April, the operator turned a former Sears warehouse into a 383-unit facility. Two buildings under construction will add 314 units.
Metro Storage’s 638-unit conversion of a former liquor distribution warehouse in Brown Deer, WI, is scheduled for completion in January.