A new self-storage facility will open in Hoboken, N.J., in December featuring a mural across three of its seven floors. The Hoboken Planning Board approved the application in January for the property at 1312 Adams St., according to the source. The site will be branded and managed by CubeSmart, a self-storage real estate investment trust and third-party management company.
The $15 million development includes $4.5 million in land that was purchased from developer Jeffrey White of Casa Blanca Management. The 140,000-square-foot project is 155 feet wide by 35 feet tall. The ground floor is parking only, with actual storage space starting 20 feet above ground.
The mural, on the north side of the building, was a requirement of project approval, according to the source. The Hoboken Mural Arts Council requested submissions for the project in September. Three artists will be selected to design the wall based on the theme “diversity, inclusion and community.” The winners, chosen by the art council and the facility developer, will be awarded $500 each. In addition, a $25,000 honorarium will be given to the selected artist or group chosen to paint the piece. Paint, supplies and scaffolding will be provided.
The broker in the land acquisition was Anthony Rivera, managing director of the commercial real estate division for Pure Properties, which specializes in commercial and residential acquisitions, construction, interior design, and marketing.
CubeSmart is a self-storage real estate investment trust that owns or manages 910 self-storage facilities across the United States. Its operating portfolio comprises more than 60.5 million square feet.
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