Park Avenue Storage Development

Park Avenue Storage Development2019-05-13T13:12:44-04:00

Project Description

The Mele Group of Cushman & Wakefield is pleased to exclusively offer for sale the Park Avenue Self Storage Development in Newark, New Jersey.

Market Bid
NRSF – 69,019 (Projected)

365 Park Avenue
Newark, NJ 07107

The proposed self-storage development offers an investor the opportunity to renovate and convert an existing building into a newly-constructed storage facility. The proposed development is permit ready and consists of approximately 69,019 projected rentable square feet. In addition to the current 58,000-square foot building, the development plan includes a new 49,900- square foot building to be constructed adjacent to and connected to the current structure. Based on the demands of the market, the facility’s unit mix is comprised of fully climate-controlled units. An investor can benefit from high market rates. Currently, the area’s competitors offer 10×10 climate-controlled storage at an average of $200. After a 36-month lease-up period, the subject is projected to yield a 90 percent stabilized physical occupancy.

Located on an estimated 0.5 acres at 365 Park Avenue, the site is situated in the heart of multiple residential and multifamily communities. The property has excellent frontage along Park Avenue, which witnesses a traffic count exceeding 11,000 vehicles per day. The location also boasts fantastic access from both Garden State Parkway and Interstate 280, which respectively see traffic counts of over 167,000 and 160,000 vehicles daily. The property is adjacent to Parkside Preschool and is within a mile of UPS, Planet Fitness, KFC, Dunkin’ Donuts, MetroPCS, PNC, Walgreens and several others. The subject is encompassed by several dense residential areas, including the Upper Roseville, Lower Roseville and Ampere residential areas. The overall population within a three-mile radius consists of 450,717 individuals among 160,789 households. Furthermore, the subject will benefit from a 58.6 percent renter-occupied housing population; this ratio showcases the necessity for storage among this high population of renters.

Acquisition guarantees prominent visibility within a heavily-populated area of Newark. The city is situated approximately ten miles from New York City. Both major thoroughfares are less than a mile away and lead directly into the communities to be served by the site. With a high square footage, ideal adjacent surroundings and a residentially-dense area boasting many nationally-recognized tenants, the Park Avenue Self Storage Development will provide a beneficial self-storage location in this dense area of New Jersey’s most populous city.

Investment Highlights:

  • Acquisition Guarantees Prominent Visibility in a Residentially-Dense Area of Newark; the Most Populous City in New Jersey
  • Large-Scale Facility Projected to Stabilize After a 36-Month Lease-Up Period at 90 Percent Physical Occupancy
  • Property Benefits from its Location Along Park Avenue and Exposure to Both Garden State Parkway and Interstate 280, Which Witness Traffic Counts of Over 167,000 and 160,000 Vehicles Daily
  • Three-Mile Population of 450,717 Individuals Among 160,789 Households, Indicating the Strength of the Residential Corridor
  • 58.6 Percent Renter-Occupied Housing Population, Which is Indicative of the Need for Self-Storage Within the Surrounding Region
  • An Investor can Benefit from the Market’s High Rental Rates for 10×10 Climate-Controlled Storage; Competitors Currently Offer 10×10 Climate-Controlled Storage at an Average of $200
  • Numerous Points of Interest, Including a Variety of Nationally-Recognized Tenants and Local Schools that Ensure the Site’s Visibility on its Route and a Multitude of Large Suburbs
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as the Park Avenue Self-Storage Development, located in Newark, NJ.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.