CrownPoint Group and the Lamar Cos. have completed a new self-storage facility in Newark, delivering more than 1,200 units to the city’s bustling Ironbound section.
The joint venture said the property, located at 305 Wilson Ave., provides more than 135,000 square feet of climate-controlled space to the state’s largest employment center and to a neighborhood that reportedly drives some 40 percent of Newark’s economy. Leasing is underway at the six-story complex, which CrownPoint and Lamar billed as the Ironbound’s first institutional-quality self-storage project.
“Our investment strategy in developing storage is focused on delivering best-in-class assets in densely populated markets with high barriers to entry,” CPG Vice President Michael Legacki said. “We are proud to not only create value for our investors, lenders and key stakeholders, but to bring much-needed storage space that will greatly benefit the entire community.”
The developers noted that the facility sits at the corner of Avenue L and Wilson Avenue, providing direct access to Routes 1&9 and proximity to the region’s densely populated neighborhoods and surrounding areas. The project revitalized a one-acre assemblage of underutilized land in the Ironbound and created hundreds of construction jobs over the course of 18 months, they said, noting that it reflects millions of dollars in investment and is the culmination of two years of ground-up construction supported by the city.
JLL arranged construction financing for the project with Provident Bank.
“The Lamar Companies is proud to work alongside CPG to bring much-needed self-storage space to Newark and the Ironbound,” Lamar’s Kyle Hayes said. “While the Brick City is known for its connectivity as a regional and international logistics hub, there is a scarcity of institutional-quality self-storage space that our new facility will address. Our team is confident that this project will not only serve as a catalyst for development and economic activity in the area but will also generate significant value for our investors.”
