The facility will comprise nearly 235,000 rentable square feet in about 4,000 units
February 23, 2017: Based in Glendale, California, Public Storage Inc., a self-storage real estate investment trust (REIT), has opened the first of seven floors in what will be the largest facility in its portfolio.
The facility will feature covered parking, security monitoring and a resident manager. The REIT intends to target residents who live on both sides of the Hudson River. Manhattan, N.Y., is a short train ride from the area, and Jersey City has experienced 7 percent population growth during the last five years, according to the release.
When the building opened in the early 1900s as Merchants Refrigeration Co., it was the largest cold-storage commercial facility in the world, the release stated. Today, it is in the Powerhouse Arts District, which is undergoing heavy commercial and residential development including high rises. “It’s a tremendous amount of square footage in an area of tremendous growth,” Tim Stanley, a senior vice president in the company’s real estate group, said in a Public Storage blog post.
The conversion has been under development for two years.
Public Storage has interests in 2,319 self-storage facilities in 38 states, with approximately 152 million net rentable square feet.