CrownPoint Group (CPG) and the Lamar Companies announced on Thursday the completion of the first institutional-quality self-storage facility in the Ironbound section of Newark. The joint venture delivers a brand-new, six-story self-storage facility at 305 Wilson Ave. with more than 1,200 units in the state’s largest city and New Jersey’s largest employment center.
Located at the corner of Avenue L and Wilson Avenue, the project provides over 135,000 square feet of climate-controlled space.
“Our investment strategy in developing storage is focused on delivering best is class assets in densely populated markets with high barriers to entry,” CPG Vice President Michael Legacki said. “We are proud to not only create value for our investors, lenders and key stakeholders, but to bring much-needed storage space that will greatly benefit the entire community.”
The facility, which offers best-in-class management, is the culmination of two years of ground-up construction supported by the City of Newark. The project revitalized a one-acre assemblage of underutilized land in the Ironbound and created hundreds of construction jobs over the course of 18 months.
“The Lamar Companies is proud to work alongside CPG to bring much-needed self-storage space to Newark and the Ironbound,” Kyle Hayes of Lamar Companies said. “While the Brick City is known for its connectivity as a regional and international logistics hub, there is a scarcity of institutional-quality self-storage space that our new facility will address. Our team is confident that this project will not only serve as a catalyst for development and economic activity in the area but will also generate significant value for our investors.”
A report from the Ironbound Community Corporation stated that the neighborhood, which encompasses four square miles, drives approximately 40% of the city’s economy and 33% of its tax base. The neighborhood is bound by Newark Penn Station, U.S. Routes 1 and 9, and the New Jersey Turnpike, and serves as a gateway to Middlesex, Union, Bergen and Essex counties.
