Jernigan To Break Ground on NJ Self-Storage Facility
- Nov 01, 2017
Jernigan Capital Inc. has invested $14.7 million in a proposed climate-controlled, self-storage project in North Bergen, N.J. Construction is expected to begin within thirty days, and the project is slated for completion by the first quarter of 2019. Mequity LLC is the developer of the facility and CubeSmart will be the property manager.
When completed, the facility will comprise an 83,536-square-foot, seven-story building with approximately 68,000 square feet vacant space.
Located at 5203 John F. Kennedy Blvd., just across the Hudson River from Manhattan, the facility will be close to a busy north-south corridor, which carries 33,000 vehicles per day. Its location, in an area with several multifamily developments and limited self-storage options, positions the facility well to serve Union City, West New York and Guttenberg.
Jernigan Capital Inc. has a fast-growing self-storage portfolio. The company has recently invested $10 million in a 725-unit self-storage project located in Kentucky. Jernigan has also partnered with Mequity before: The two companies have co-invested in two other self-storage development projects.