A project by CrownPoint Group Inc. is slated to bring a 105,487-square-foot, climate-controlled self-storage facility to 696 Old Bridge Turnpike in South River. — Rendering courtesy: JLL
By Joshua Burd
CrownPoint Group has closed on construction financing for a planned 854-unit self-storage facility in Middlesex County, according to a debt placement team with JLL.
The loan, provided by BCB Bank, supports a project that will bring the climate-controlled, 105,487-square-foot building to 696 Old Bridge Turnpike in South River. Units at the three-story building will average 90.7 square feet, brokers said, noting that Extra Space Storage will lease-up and manage the daily operations of the property.
JLL senior managing directors Michael Klein and Jon Mikula and Analyst Kevin Badger sourced the loan on CrownPoint’s behalf. Terms were not disclosed.
“The self-storage industry continues to thrive, building on strong fundamentals in both public and private sectors,” Mikula said. “This opportunity generated a lot of interest given its location in an extremely undersupplied market and its prime location in Central New Jersey, just 35 minutes outside of Manhattan.”
Slated for delivery in early 2027, the facility will also have 15 exterior access units and 15 parking spaces as part of a project that is repurposing the former site of a used car dealership. The 1.97-acre parcel benefits from its location just one mile from the New Jersey Turnpike and four miles from downtown New Brunswick, JLL said, noting that the surrounding area has more than 100,580 residents within three miles.
The region is also undersupplied from a storage perspective with just 3.96 square feet of storage per person, the firm said, while the national average is 6.32 square feet per person.
CrownPoint breaks ground on 106,000 sq. ft. self-storage project in Central Jersey
