On behalf of ownership, Cushman & Wakefield is pleased to offer for sale, the soon to open REIT-managed self-storage facility in Bellmawr, New Jersey. It is anticipated that the sale will close upon or after receipt of the Certificate of Occupancy from Bellmawr County. Currently, C of O is projected in the 3rd quarter of 2021.
Located at 141 Kings Highway, the 3 story, new ground-up development is slated to open in early 3rd quarter 2021 and is comprised of 83,750 rentable square feet among 956 units, all climate controlled. Units ranging from 25 to 300 square feet which are served by two freight-rated elevators, while a state-of-the-art management office is located on ground level. The facility will include full video surveillance, electronic keypad ingress and egress, and individually alarmed units. The facility benefits from premium visibility on Crescent Blvd (Rte 130) with vehicle counts of 24,402 and is also a catty-corner from a newly developed Wawa Gas Station. The trade area competitive supply is limited and made up of older facilities – other than this property, the second newest asset was built in 2003. Within the trade area, there are only 3.65 square feet per capita, allowing for immense pricing power upon stabilization.
One of the main suburban markets of the Philadelphia MSA, Camden County is the eighth-largest county by population in New Jersey. Bellmawr is situated
between the NJ Turnpike and the Delaware River, along with other prominent Philadelphia suburbs such as Cherry Hill, Haddon Township, and Camden. Philadelphia is the nation’s sixth-largest metropolitan area and the seventh-largest city and is situated in the heart of the Northeast Corridor. Philadelphia and its surrounding suburbs represent the keystone of major north-south, east-west highway and rail networks. The overall population is estimated to be approximately 6.0 million as of the fourth quarter 2015.
The successful purchaser will acquire a modern, new facility in a prime location within the Philadelphia MSA and will benefit from reliable lease-up at high rental
rates, in an undersupplied market, and continued long-term appreciation in major market class A assets.