DSA Capital LLC and Extra Space Storage have opened a 110,000-square-foot self-storage facility in Brookfield, Connecticut. The four-story building is the largest single-building self-storage facility in the Greater Danbury area, according to the developers.
De Stefanis & Associates of White Plains, N.Y., led the development team that brought the property online.
The climate-controlled facility consists of 810 units, out of which 57 are drive-up, with sizes ranging from 25 to 300 square feet. Amenities include security features, storage lockers, 24-hour access and on-site staff.
The property is at 23 Grays Bridge Road, at the intersection of Candlewood Lake, Federal and Grays Bridge roads. The facility is near Super Route 7 and less than 1 mile from the Candlewood Lake Plaza shopping center, as well as other restaurants and retail options. Danbury city limits are also less than 1 mile away, while downtown is some 5 miles southwest.
Roughly 2.5 miles north of the new property, Extra Space Storage owns another self storage facility, at 578 Federal Road. These are two of the three self-storage properties available within a 3-mile radius, according to Yardi Matrix, offering residents 7.5 rentable square feet per capita.
While self-storage fundamentals have weakened to some degree, the Fed’s interest rate cuts are bringing a bit more certainty to the investment market. Meanwhile, advertised asking rents have continued to slide, with the overall U.S. rate down to $16.55 per square foot as of September, a 3.5 per cent year-over-year decrease. Most of the top 30 metros tracked by Yardi Matrix saw rent declines, with the rare exception of Washington, D.C., which showed a slight increase.
