Project Description
Cushman & Wakefield has been selected to exclusively market the sale of the Fashion Drive Conversion Development Site.
UNDER AGREEMENT
Market Bid
NRSF – 88,397
Located at 5100 Fashion Drive, in the affluent community of Nanuet in Rockland County, the subject property benefits from high traffic and premium visibility as an out parcel to the The SHOPS AT NANUET. The trade area is under-saturated with limited competition, high barriers to entry, an excellent demographic profile, and high rental rates. Furthermore, the asset once completed will offer prospective tenants’ convenient ingress and egress with multiple, single grade access points into the facility.
As of 2020, the total population within three miles of the property was 110,919, growing at approximately .45 percent per year, with a median annual household income of $122,915, far surpassing the national average Population within five miles of the property stands at 234,937. The existing supply within the three-mile trade area is 1.77 square feet per person, while the five-mile stands at 3.73 square feet per person. There is only one other proposed self-storage project in the development pipeline within five miles. The average annual self-storage rental rates in the market are approximately $32.50 per square foot.
The proposed development plan is to convert the upper floor of a two-level, on grade vacant warm box, last operated as a Macy’s department store, into a single story, 100% climate-controlled Self Storage facility while maintaining one level of the building for retail use. As it stands today, the subject consists of 118,000 square feet and is projected to yield approximately 88,397 net rentable square feet of climate-controlled storage based on architectural renderings. Built to grade, the structure eliminates the need for elevators and stairwells, resulting in higher building efficiency and lower cost. The disposition IRR is projected above 24 percent with long-term yields exceeding nine percent. The successful buyer/developer will benefit from a more streamlined conversion development project, than traditional ground up, that will result in a Class-A facility ideally situated in an affluent market with high rental rates and minimal competition.
Investment Highlights:
- Fully Entitled Pending Building Permits
- New Roof with 20 year Warranty
- Efficient Conversion Opportunity
- Infill Location with High Barriers to Entry
- 1.77 NRSF/Capita within three miles
- Dense & Wealthy Demographic Profile
- High Visibility Location within thriving Mall Complex