Metro Storage LLC, which operates more than 120 self-storage properties in 12 states, has purchased a former manufacturing facility in Wood Ridge, N.J., that it plans to demolish to make way for a new Metro Self Storage facility. Slated to open in late 2017, the development will be the company’s 13th in its joint venture with Fremont Realty Capital, the real estate merchant-banking arm of Fremont Group.
The 4-acre property at 765 Route 17 is near the Meadowlands Sports Complex and two airports. Once built, the facility will comprise 85,000 rentable square feet of storage space in 883 climate-controlled units. Property features will include covered loading/unloading areas, elevators, state-of-the-art security components, and a modern retail office, according to a company press release.
“We’ve had great success in the New York/New Jersey market and are looking forward to continuing our expansion with the repurposing of this property into a modern, consumer-friendly, self-storage facility,” said Matthew Nagel, chairman of Metro Storage.
“We knew this property was a good selection for development due to its excellent location on an extremely busy arterial street in an area with great demographics,” added Blair Nagel, CEO of Metro Storage. “This new facility with its state-of-the-art amenities will effectively serve the storage needs of the surrounding community.”
Headquartered in Lake Forest, Ill., Metro Storage is a privately owned, fully integrated real estate operating company specializing in the acquisition, development and management of self-storage facilities nationwide. Its facilities comprise more than 8.1 million square feet of storage space.
Fremont Realty has been an active investor in the European and U.S. self-storage sector since 1997. It originates, structures, closes and manages private-equity investments in public and individual real estate projects, programmatic real estate investment vehicles, and private real estate operating companies.