This marketed portfolio presents the unique opportunity to acquire three newly constructed, Class-A self-storage properties in the densely populated New York City metropolitan area—by far the nation’s largest metro and presently home to 20.1 million residents. With facilities in Plainfield, Saddle Brook, and Clifton, New Jersey a successful purchaser will have the ability to capitalize on immediate scale in Northern New Jersey. The portfolio offers over 250,000 net rentable square feet, which as of the date of publication is 88% occupied.
The Saddle Brook, NJ location is situated on North Midland Avenue, easily accessed from interstate 80, Highway 208 and Garden State Parkway. Opened in April 2017, this purpose-built, multi-story asset encompasses 88,549 net rentable square-foot of storage among 956 climate-controlled units. This is a convenient storage solution for the new multifamily housing developments being completed nearby. As of the date of publication, this asset is nearly 94% physically occupied leading into the 2022 leasing season. This occupancy, which is well above average, demonstrates substantial need for self storage within the trade area.
The Plainfield, NJ property is located along the busy South Avenue, near a middle school and multifamily residential development. Considered a bedroom community and regional hub for Central New Jersey, Plainfield is also the home city of Union County College – Plainfield Campus. With 943 climate-controlled units totaling 76,916 net rentable square feet of space, this newly converted facility, which opened its doors in April 2018, offers an array of storage options to fit the growing community’s needs. Within the trade area there is only 5.37 net rentable square feet per capita, with a population of about 124,000 people.
Lastly, the Clifton, NJ location is less than ten miles from New York City. Completed in July 2019, this class-A , multi-story asset is centrally and conveniently located just off Highway 46 on Piaget Avenue. The clean, well-lit facility caters to today’s tenants with 991 climate-controlled units spaced throughout 86,190 square feet and convenient features like drive-up, first-floor access. Within the trade area there is only 5.61 net rentable square feet per capita, with a population of about 318,000 people.
All in all, this sale presents a rare opportunity for a savvy investor to acquire three modern facilities in the bustling New York City metro where space is extremely limited and self-storage remains in constant demand.