Jernigan Invests in 2nd NJ Facility
- Dec 19, 2017
Jernigan Capital Inc. has invested $10.6 million in a proposed multi-story, climate-controlled, 836-unit facility in Dover, N.J. Construction will begin in the first quarter of 2018 and is slated for completion in early 2019. The acquisition marks the company’s second investment in the New Jersey market. In November, Jernigan invested $14.7 million in a proposed facility in North Bergen, N.J.
Located at 2 Commerce Center Drive, the proposed 78,425-net-rentable-square-foot, three-story project is directly off Mt. Pleasant Avenue, a thoroughfare with a daily traffic count of approximately 30,000 cars. Manhattan is within a one-hour drive of the property via Interstate 80. Additionally, the site is approximately one mile from a major exit off Interstate 80 that provides access to Rockaway Townsquare, a shopping center across the street from the proposed facility.
Besides Dover, the self-storage facility will serve the communities of Rockaway, Mine Hill and Wharton.