Storage Post Self-Storage Expands New Jersey Portfolio
The company has purchased a three-story facility in a high-barrier market, with plans to fully renovate the property for a Class A offering.
45 Kossuth St. Image courtesy of Storage Post Self-Storage
Storage Post Self-Storage has acquired its third self storage facility in New Jersey for an undisclosed price. Located at 45 Kossuth St. in Haledon, N.J., the property was built in 1894 as a schoolhouse and then redeveloped for self storage use in 1994.
READ ALSO: Self Storage Rents Still Down Year-Over-Year
The three-story facility now offers self storage units that range in size from 3 by 3 feet to 15 by 15 feet in a location 14 miles away from Manhattan. According to Yardi Matrix data, the 33,400-square-foot property in Haledon offers 25,050 rentable square feet with security cameras and climate control.
The new ownership is planning to conduct a full-scale renovation that will bring the self storage property up to Class A status to match the other facilities in the company’s portfolio. Elsewhere in New Jersey, Storage Post owns two self storage locations in Jersey City and Linden. The Atlanta-based company also owns or manages properties in New York, Los Angeles and Florida.
Expanding into North Jersey
According to Dylane Delaune, Storage Post’s chief operating officer, the new Haledon acquisition is located in a dense residential micro-market. He added that the company has been looking for New York and New Jersey locations with high barriers to entry and pent-up demand for self storage. Jack Giannola, Storage Post’s director of acquisitions, added that the Haledon facility is the latest in the company’s expansion into the North Jersey market.
Storage Post has plans to grow its portfolio over the next few years through the acquisition of additional properties, as well as ground-up developments and management contracts.
You must be logged in to post a comment.