Metro Storage LLC announced the purchase of a parcel of land in Randolph, New Jersey to build a new self storage facility which will be the company’s 7th store in New Jersey. Located at 353 Route 10 East in Randolph, the new 118,000 GSF state of the art facility will be a three-story building offering approximately 86,000 RSF of storage.
“After working through a two-year entitlement process with the township and overcoming design challenges along the way we’re excited to add another store and further expand the Metro presence in the New York City MSA,” said Marty Gallagher, President of Metro Storage LLC.
The new 838-unit store will be located on a major east/west thoroughfare with excellent visibility, in a strong demographic market close to residential areas and major retailers. Features of the store will include 100% climate-controlled storage, drive -up access units, large interior drive-in loading/unloading bays with additional access points around the building, elevator access, state of the art security, and a large, modern retail office.
“We look forward to breaking ground on this new store,” said Blair Nagel, CEO of Metro Storage LLC. “The facility will be a valuable addition in the Randolph area, providing the latest in self storage amenities and security in a convenient location to meet the various needs of residents and businesses.”
Construction is scheduled to commence later this year with expected completion in the third quarter of 2019.
About Metro Storage LLC
Metro Storage LLC is a privately owned, fully integrated, international self storage company specializing in the development, construction, acquisition, and management of self storage facilities in the USA, Brazil, and Central America. 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 130 stores covering 14 states. Metro Storage International (MSI) has an affiliate/partner in Brazil which operates under the trade name “MetroFit”. MSI’s affiliate/partner in Central America operates under the trade name “Mr. Bodeguitas”, and is Central America’s leading self storage operator with locations throughout Guatemala, El Salvador, and Costa Rica. 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.