The self-storage sector in North Jersey continues to sizzle as Marcus & Millichap on Monday announced the successful sale of a prime development site at 1099 Hendricks Causeway.
The fully entitled and permitted site is slated to become a Class A facility, featuring over 1,200 climate-controlled units and more than 73,000 net rentable square feet. Demonstrating the intense appetite for institutional-grade storage assets in Bergen County, the property closed well above its initial asking price following a highly competitive bidding process.
The buyer, Safely Store, is an investment platform backed by heavyweight institutional players, including La Caisse. Launched in 2023 with an initial $400 million equity commitment, the platform focuses on high-barrier-to-entry markets.
“Securing a fully entitled development site allows us to accelerate our timeline and bring a modern self-storage facility to the community much sooner,” David Ellison, chief development officer with Safely Store said.
According to Nathan Coe, senior managing director investments at Marcus & Millichap, the sale is a bellwether for the industry. Coe noted that the “strong fundamentals” of the Ridgefield submarket—characterized by high population density and limited supply—were the primary drivers behind the aggressive offers received.
The seller, StorageBlue, a veteran operator in the North Jersey region, leveraged the Marcus & Millichap team to procure the buyer and navigate the transaction to a premium finish.
Key Transaction Details
| Feature | Details |
| Location | 1099 Hendricks Causeway, Ridgefield, NJ |
| Seller | StorageBlue |
| Buyer | Safely Store |
| Project Scale | 73,000+ Net Rentable Sq. Ft. / 1,200+ Units |
| Brokerage Team | Nathan Coe, Gabriel Coe, Brett Hatcher, and Jim McGuckin |
