New Jersey self-storage facility opens
Quinlan Development Group has innovated on a self-storage facility of 1,084 units in Fair Lawn, NJ Bank OZK is financing the project with a loan of 17 million dollars.
Scheduled for completion in the second half of 2022, the 123,000 gross square foot facility will have three floors. The 1.6 acre project site is located at 16-09 and 16-17 Route 208, 20 miles northwest of Midtown Manhattan and half a mile from the Radburn NJ Transit station.
The development site, located in a dense, single-family residential area, is within 3 miles of some 7,300 multi-family units, says Yardi Matrix. The plot, across from the 150-unit Fair Lawn Promenade community, is adjacent to a retail corridor and a small industrial area.
The Fair Lawn project is Quinlan’s fourth self-storage development in the past three years. The other three facilities are also in the northern New Jersey market.
Secondary attraction of North Jersey
The New York subway, which encompasses northern New Jersey, is the most undersupplied market for self-storage space, with just 3.5 net square feet of rental per capita, well below from the national average of 6.7. However, facilities under construction and in the planning phase accounted for more than 17% of existing inventory in March, the highest rate of any subway, according to Yardi Matrix.
Northern New Jersey’s self-storage sector benefits from the region’s predominantly residential appeal, reinforced by its proximity to New York City. With fewer land constraints, the peri-urban area is also positioned for future development activities.