Metro Storage LLC, which operates 120 self-storage properties in 12 states, has purchased a parcel of land for $5.2 million in Carlstadt, N.J., on which it plans to build a three-story facility. The nearly 4-acre industrial site at 765 Route 17 is in Wood-Ridge, a borough in Bergen County. It was formerly occupied by ENER-G Rudox, a company that makes generators. The existing building will be demolished, according to the source.
The seller, Janard Management Services Inc., considered marketing the property for other uses, including industrial, multi-family and retail, but self-storage seemed the best fit, according to David Thurston, a director in the Saddle Brook, N.J., office of commercial real estate firm Marcus & Millichap. Thurston represented both parties in the transaction.
The deal reflects a growing interest in redevelopment along New Jersey Route 17 in South Bergen, Thurston said. Land for development is scarce in Paramus, another borough in the county, forcing developers to “look elsewhere for larger opportunities to build,” he told the source.
ENER-G Rudox was founded in 1949 as Rudox. It merged with ENER-G, a British company, in 2013. The company recently moved to a new plant in East Rutherford, N.J., which serves as its North American headquarters.
Headquartered in Lake Forest, Ill., Metro Storage is a privately owned, fully integrated real estate operating company specializing in the acquisition, development and management of self-storage facilities nationwide. Its facilities comprise more than 8.1 million square feet of storage space.
Founded in 1971, Marcus & Millichap employs more than 1,500 investment professionals in offices throughout Canada and the United States. The firm closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.
Sources:
- North Jersey.com: Self-Storage to Replace Industrial Building in Carlstadt and Wood-Ridge
