Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT), has opened a new facility in Newark, N.J. It’s the company’s fifth location in Essex County, according to the source
The five-story facility at 50 Gould Ave. is between South 13th and 14th Streets in the city’s West Ward neighborhood, close to Interstate 280 and a UPS Inc. distribution center. The site formerly housed an abandoned factory that was built in 1903 and most recently owned by Imperial Laundry Co. The structure was torn down two years ago to make room for the self-storage property, the source reported.
Extra Space also operates facilities in Bloomfield, Fairfield and Orange, N.J., and in Newark's South Ward. The REIT is one of many self-storage operators expanding in the region. New Jersey-based StorageBlue LLC has a new location on Mount Pleasant Avenue in the North Ward, and U-Haul International Inc. is converting a former shoe factory in the Central Ward to self-storage.
Headquartered in Salt Lake City, Extra Space is a real estate investment trust that owns or operates 1,371 self-storage properties in 37 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 910,000 units and 103 million square feet of rentable space.