A project by CrownPoint Group Inc. is slated to bring a 105,500-square-foot, climate-controlled self-storage facility to 696 Old Bridge Turnpike in South River. — Rendering courtesy: CPG
By Joshua Burd
CrownPoint Group Inc. is bringing a new self-storage facility to Middlesex County, seeking to leverage the region’s fast-growing housing stock as it expands its footprint in the asset class.
The firm said the project, located at 696 Old Bridge Turnpike in South River, will serve an area that already includes more than 1,000 apartments around the site and another 218 that are on the way. That’s poised to fuel demand for storage units that it will provide at the three-story, climate-controlled facility, which will soon rise at the busy Route 18 intersection.
Parsippany-based CrownPoint broke ground on the 105,500-square-foot project earlier this month. The development comes two years after it launched a similar 135,000-square-foot facility in Newark’s Ironbound section, continuing its focus on areas with high barriers to entry.
“This facility in South River will provide a much-needed supply of modern, institutional-quality self-storage space in the area,” CPG Vice President Michael Legacki said. “We are thrilled to expand our portfolio of self-storage holdings, while also providing essential services to residents living in the heart of Middlesex County.”
According to the developer, the market area served has more than 100,000 residents, while more than $500 million in new investment is coming to a swath of East Brunswick just across Route 18. That’s slated to include the township’s first walkable mixed-use district, meaning the area will likely attract new residents and expand demand for storage space.
“We are very proud of this project,” Legacki said. “The CrownPoint team and our professionals have worked incredibly hard and with great persistence to bring this project to fruition over the past few years. We look forward to providing value not only to our investors, partners and lenders but also to the surrounding community.”
