Pearl River Self Storage Development

Pearl River Self Storage Development2020-01-24T13:44:44-05:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield is pleased to present, on behalf of ownership, the Pearl River, New York Self Storage Development Site.

Call for Offers – Due Tuesday, February 11
NRSF – 128,700

59 W Hillside Avenue
Pearl River, NY 10965

Located on West Hillside Avenue in the affluent community of Pearl River in Rockland County, the site benefits from high traffic and premium visibility, limited competition within the trade area, high barriers to entry, an excellent demographic profile, high rental rates within the market, convenient ingress and egress with approved traffic signal and favorable construction conditions.

Traffic counts on Route 304, which runs directly past the proposed facility, stand at 17,655 vehicles per day. A proposed traffic signal modification at 304 (N. Pearl St.) and Hillside Avenue will provide protected left turns in and out of the property. As of 2019, total population within three miles of the property was 62,852, growing at approximately .575 percent per year, with a median annual household income of $121,176, far surpassing the national average. Additionally, there is a robust population of 222,765 within five miles of the property. The existing supply within the trade area stands at 4.57 square feet per person. There are no other proposed self-storage projects in the development pipeline within three miles and there is only one other proposed facility within five miles. Average annual self-storage rental rates in the market are approximately $26.76 per square foot.

The proposed development plan is for two, two-story buildings, built to grade on both levels, eliminating the need for elevators and stairwells, resulting in higher building efficiency and lower cost. A combined gross building area of 160,900 square feet is projected to yield approximately 128,700 net rentable square feet of climate-controlled storage. The disposition IRR is projected above 20 percent with long-term yields exceeding nine percent. The successful buyer/developer will benefit from a facility that is ideally situated in an affluent market with high rental rates and minimal competition.

Please direct inquiries to Cushman & Wakefield Self Storage Advisory Group.

Investment Highlights:

  • Fully Entitled Pending Building Permits
  • Infill Location with High Barriers to Entry
  • Undersupplied Market Sustaining High Average Rental Rates
  • Excellent Demographic Profile with Median Annual Household Income Exceeding $120,000
  • High Visibility Location Along State Route 304 With a Daily Traffic Count of 17,000 Vehicles
  • Efficient Site and Building Design
  • 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 Pearl River Self Storage Development.

    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.