JLL Capital Markets announced Tuesday that it has successfully arranged a construction loan for South River Self Storage, a high-tech, multi-story facility set to rise in Middlesex County.
The JLL team, working on behalf of the Parsippany-based developer The CrownPoint Group, secured the financing through BCB Bank. The project is scheduled to deliver in the first quarter of 2027, transforming a former used car dealership into a modern institutional-quality asset.
The new development, located at 696 Old Bridge Turnpike, will span 105,487 square feet. Designed to meet the demands of a modern workforce and a growing residential population, the facility will feature:
- 854 Units: A mix of climate-controlled lockers and traditional storage.
- Three-Story Design: Optimized for 24/7 digital security and energy efficiency.
- Specialized Access: 15 exterior-access units and 15 dedicated parking spaces.
Once construction is complete, Extra Space Storage—one of the nation’s largest self-storage REITs—will take over the lease-up and daily operations.
The South River market is currently one of the most “undersupplied” regions in the tri-state area. While the national average for self-storage is approximately 6.32 square feet per person, this specific Central New Jersey submarket currently offers just 3.96 square feet per person.
“This opportunity generated a lot of interest given its location in an extremely undersupplied market,” Jon Mikula, senior managing director at JLL said. “The self-storage industry continues to thrive, building on strong fundamentals in both public and private sectors.”
The 1.97-acre site is strategically positioned for “last-mile” storage needs, situated:
- 1 Mile from Interstate 95 (NJ Turnpike).
- 4 Miles from downtown New Brunswick and Rutgers University.
- 35 Minutes from Manhattan.
The project is CrownPoint’s second major foray into the asset class, following their successful 135,000-square-foot development in Newark’s Ironbound section two years ago. According to JLL, the proximity to Route 18 and a massive $500 million revitalization project in nearby East Brunswick further solidifies the site’s long-term value.
