Metro Storage LLC recently announced the purchase of a former manufacturing facility in Carlstadt/Wood Ridge, New Jersey for development of a new state-of-the-art self storage facility. This is Metro’s 13th development with Fremont Realty Capital. Located at 765 Route 17 in Wood Ridge, New Jersey, plans call for the demolition of the existing buildings on the 4-acre site and construction of a modern, Class A self storage facility featuring 100% climate controlled self storage.
“We’ve had great success in the New York/New Jersey market and are looking forward to continuing our expansion with the repurposing of this property into a modern, consumer friendly, self storage facility.” said Matthew Nagel, Chairman of Metro Storage LLC.
The new 85,000 RSF store is strategically located on the highly travelled Route 17, a major thoroughfare to New York City. It is situated in a densely populated business and residential area near the Meadowlands sports complex and close to Teterboro and Newark airports.
“We knew this property was a good selection for development due to its excellent location on an extremely busy arterial street in an area with great demographics,” said Blair Nagel, CEO of Metro Storage LLC. “This new facility with its state-of-the-art amenities will effectively serve the storage needs of the surrounding community.”
Highlights of the new facility include 100% climate controlled units, interior loading and unloading bays, elevator access to all floors, industry leading security, and a modern, retail office space. The 883-unit facility will be the 8th Metro store in the New York City MSA, and is scheduled for opening in late 2017.
“Our Metro Storage partners continue to find the very best locations in high barrier to entry markets,” said Matthew Reidy, Partner of Fremont Realty Capital in San Francisco. “The addition of the Wood Ridge store will build on the successes of our Fremont Metro joint venture.”
About Metro Storage LLC
Metro Storage LLC is a privately owned, fully integrated, international self-storage operating company specializing in the development, construction, acquisition, and management of self storage facilities in the USA and Brazil. Metro operates under the trademark Metro Self Storage in the US, being one of the top 10 largest owner/operators of self storage facilities in the United States with over 100 stores covering 12 states. Metro operates in Brazil under the trade name MetroFit which is one of the fastest growing self-storage companies in Brazil. More information about the firm is available at http://www.metrostoragecorporate.com.
About Fremont Realty Capital
Fremont Realty Capital (“FRC”) is the real estate private equity business unit of the Fremont Group, the investment office of the Bechtel family of San Francisco. Since formation in 1997, FRC has provided its investors with superior risk-adjusted returns and value-creation through investments in non-traditional and traditional real estate sectors, both domestically and abroad. FRC has been has been investing in U.S. and European self-storage businesses since 1998. Its success is based on a disciplined investment strategy, enduring long term relationships with best-in-class operating partners, and the collective experience of the firm’s principals. FRC has made investments in 365 properties in 11 countries, totaling over $5 billion.