Storage Deluxe has opened a mixed-use property in Bronx, N.Y., that includes self-storage and retail space. It’s the company’s second such project in two years, according to a press release. The facility at 5740 Broadway in the Riverdale neighborhood will be managed by self-storage real estate investment trust CubeSmart and branded under its name.
The site of a former Loehmann’s department store, the 2-acre property comprises 104,000 square feet of storage space in 1,900 units as well as 24,000 square feet of ground-floor retail space. Facility features include 14-foot-high ceilings and 84 parking spaces. Located between a newly opened BJ’s Wholesale Club and a Stop & Shop grocery store, it contains 240 feet of frontage space along Broadway, the release stated.
Storage Deluxe has developed 45 storage properties, including 12 in The Bronx, since its inception in 1998. 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 completed 18 acquisitions since the portfolio sale. Additionally, the Manhattan, N.Y.-based company has approximately 1 million square feet in its development pipeline and is seeking new development and acquisition opportunities in the New York metro area, the release stated.