Storage Deluxe, a Manhattan, N.Y.-based self-storage owner and developer, is building a new facility in Bayonne, N.J. Expected to be complete in November, it will be managed by self-storage real estate investment trust CubeSmart and branded under its name, according to a source.
The property at 160 E. 22nd St. was leased for 99 years from Alessi Organization Management LLC, according to the source. Storage Deluxe plans to tear down an existing structure to build its 120,000-square-foot facility. Building permits have already been filed with the city.
The site is near the Bayonne Crossing shopping center off New Jersey Route 440 and across from another Alessi project, a new commercial retail center. Alessi will earn $60 million over the term of the lease, according to Eugene Rivera, director of the commercial real estate division for Pure Properties, who brokered the deal. The firm is the U.S. brokerage arm for Dixon Advisory, an Australian-based investment-management firm.
Storage Deluxe recently purchased a Storage Quarters facility in Flushing, Queens, N.Y., for $27 million. Also managed by CubeSmart, the property at 31-40 Whitestone Expressway comprises 110,000 square feet of storage space.
Founded in 1998, Storage Deluxe has developed 46 projects totaling approximately 5 million square feet, including 42 self-storage facilities, three art-storage facilities, 58,000 square feet of retail, and an exotic car-storage property.
In 2011, the company sold 22 of its New York storage facilities to CubeSmart for more than $560 million. At the time, it also transitioned day-to-day management of its remaining properties to CubeSmart. Storage Deluxe has remained active in the New York Metro area since the portfolio sale, completing 19 acquisitions, and the company is aggressively seeking new development and acquisition opportunities.
Founded in 1970 and headquartered in Bayonne, Alessi develops, leases and manages commercial, industrial and residential properties in New Jersey.
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- NJ.com: 120,000-Square-Foot Self-Storage Facility Coming to this Section of Bayonne