Update 3/17/17 – Public Storage has completed work on its largest self-storage facility and opened the top six floors of the building for business. The facility offers 3,978 units. To celebrate the project’s completion, the REIT will host a grand opening on March 25.
Community members are invited to join the celebration to meet neighbors and receive a piece of cake while supplies last, according to a press release. Facility doors are scheduled to open at 8 a.m., with an official ribbon-cutting ceremony planned for around 10 a.m.
2/20/17 – Public Storage Inc., a self-storage real estate investment trust (REIT), has opened the first of seven floors in what will be the largest facility in its portfolio. The converted 100-year-old building at 133 2nd St. in Jersey City, N.J., will comprise nearly 235,000 rentable square feet in about 4,000 units when complete later this year, according to a press release. Initially, 290 climate-controlled units are available for rent.
The facility will feature covered parking, security monitoring and a resident manager. The REIT intends to target residents who live on both sides of the Hudson River. Manhattan, N.Y., is a short train ride from the area, and Jersey City has experienced 7 percent population growth during the last five years, according to the release.
When the building opened in the early 1900s as Merchants Refrigeration Co., it was the largest cold-storage commercial facility in the world, the release stated. Today, it is in the Powerhouse Arts District, which is undergoing heavy commercial and residential development including high rises. “It’s a tremendous amount of square footage in an area of tremendous growth,” Tim Stanley, a senior vice president in the company’s real estate group, said in a Public Storage blog post.
The conversion has been under development for two years.
Based in Glendale, Calif., Public Storage has interests in 2,319 self-storage facilities in 38 states, with approximately 152 million net rentable square feet. Operating under the Shurgard brand name, the company also has 218 facilities in seven European countries, with approximately 12 million net rentable square feet.