Plans for a fully approved development site at 1099 Hendricks Causeway in Ridgefield call for a self-storage facility with 73,000 net rentable square feet across more than 1,200 new climate-controlled units. — Rendering courtesy: Marcus & Millichap
By Joshua Burd
An investment group has acquired a Bergen County development site with approvals in place for more than 1,200 new self-storage units, in a deal arranged by Marcus & Millichap.
Brokers with the firm represented the seller, StorageBlue, in the transaction at 1099 Hendricks Causeway. That paves the way for the buyer, Safely Store, to develop a project that’s slated to include more than 73,000 net rentable square feet across its climate-controlled units.
Marcus & Millichap’s Nathan Coe, Gabriel Coe and Brett Hatcher, in association with Jim McGuckin, the firm’s New Jersey broker of record, listed the fully entitled property and procured the seller.
“This was a great process with multiple competitive offers and a final sale well above the asking price,” said Coe, a senior managing director investments and lead agent. “It demonstrates the strong demand for storage in Bergen County and the continued strength of the self-storage sector.”
The brokerage team noted that Safely Store is a dedicated investment platform focused on self-storage acquisitions and developments nationally. Launched in 2023, the operator is investing an initial $400 million of equity in opportunities across top U.S. markets, targeting a mix of ground-up developments, conversions, lease-up projects and undermanaged operational assets.
“This acquisition reflects our continued focus on expanding in high-barrier-to-entry markets,” said David Ellison, chief development officer with Safely Store. “The development’s submarket features a dense population and strong fundamentals, which make it an ideal location for our next self-storage development. Securing a fully entitled development site allows us to accelerate our timeline and bring a modern self-storage facility to the community much sooner.
“Nathan Coe and his team were instrumental in facilitating this transaction, and we look forward to working with them on future opportunities.”
