1650 US Highway 22 West - Union, NJ 07083
The Union Self-Storage Development Opportunity is located 20 minutes from the Paterson Self Storage Development Opportunity and has the same owners.
The Mele Group of Marcus & Millichap is pleased to exclusively offer the Union Self-Storage Development in the Township of Union, New Jersey, a component of the New York-Newark-New Jersey City, NY-NJ-PA Metropolitan Statistical Area.
The proposed self-storage opportunity is impeccably situated in the heart of Union's densely-populated residential area. Overall, the opportunity showcases the ideal components for any self-storage facility: a strong and thriving demographic profile, great visibility from many major thoroughfares and the ease of accessibility paired with remarkable traffic counts. Furthermore, the development will also continue to benefit from the immediate area's revitalization, neighbored by planned national tenants Wawa, Popeyes Louisiana Kitchen and Marriott's Fairfield Inn and Suites. Upon approval, the Class A, fully-climate controlled facility is projected to yield a gross building area of 120,000 square feet and 90,000 rentable square feet.
Located at 1650 U.S. Highway 22 West, the proposed site will feature premier climate-controlled self-storage in a highly-active residential and retail corridor in the Township of Union. The facility will feature multiple entry points to ensure convenient access for all tenants with 300 feet of frontage, in addition to strategic pylon signage for optimal visibility. Approval, projected to occur by fall 2018, will entail a three-story self-storage facility residing on 2.5 acres and 300 feet of frontage. The development is a component of Union's pilot program, which benefits an investor with a reduction in taxes from over $2 per square foot to $1.25 per square foot for at least ten years. The surrounding vicinity is also undergoing revitalization to match the population growth with the addition of the planned, new tenants surrounding the self-storage opportunity.
The property offers access from U.S. Highway 22, which sustains a traffic count of over 93,000 vehicles per day. The subject is also a mile from the Garden State Parkway, which has a vehicle count of over 194,000 per day. Entry to Interstate 78 is approximately 1.1 miles from the property, sustaining over 170,000 vehicles daily. The property has excellent visibility and access on the prime retail corridor U.S. Highway 22 as well as from Vaux Hill Road, which connects the subject directly to the surrounding residential neighborhoods. This market has extremely dense daytime and residential populations, signifying the area's strength, and the development will also benefit from its proximity to several heavily-frequented thoroughfares.
Directly neighboring the proposed facility is a large-scale community with numerous schools nearby, including Livingston Elementary School, The Holy Spirit School, Kawameeh Middle School and Calvin Coolidge Elementary School. The site is also less than a mile from the private Suburban Golf Club, lined by residential homes. National retailers are also drawn to this flourishing region, as the property is within 0.3 miles of Lowe's, Office Depot, Applebee's, Enterprise Rent-A-Car and Capital One Bank. The subject is also approximately one mile from franchises McDonald's, Burger King, Pizza Hut, Dunkin Donuts, Taco Bell, Wendy's and Walgreens, among countless others. In addition to the subject's close proximity to these major retailers, the property will benefit from the vast number of residential units within a three-mile radius. The surrounding three-mile population boasts an estimated 292,521 individuals among 103,846 households, paired with an average household income of $76,859.
Union is a rapidly-growing community in the most densely-populated metropolitan region in the country, as the New York Metropolitan area consists of over 20 million individuals. Union County offers residents several convenient transit options to New York City, home to several industry leaders in technology, entertainment, sports, research and tourism. Acquisition offers an investor a unique opportunity to benefit from an incredibly populous region that continues to swell at a substantial annual rate. The Township of Union is situated in northcentral Union County and offers residents a desirable suburban community just outside of New York City. Advantageously, the facility resides less than 20 minutes from New York City.
The Union Self-Storage Development Opportunity is being offered at $5,000,000.