JLL Capital Markets has finalized the sale of 3131 Kennedy Boulevard, a 1.07-acre property in North Bergen that previously served as a movie theater. The site was acquired by the Safely Store platform from Madison International Realty, paving the way for a major conversion project in one of the state’s most densely populated corridors.
The existing 73,398-square-foot structure, originally built in 1999, will undergo an extensive transformation into a four-story, 103,000-NRSF climate-controlled self-storage facility.
The former theater building is uniquely suited for self-storage due to its 57-foot height and steel-and-concrete construction. The “shell condition” of the interior, characterized by high ceilings and expansive open spaces, allows for the addition of vertical floor plates to maximize the net rentable square footage (NRSF).
The site’s location within the C-2 Highway Commercial Zone (with a Residential Mixed-Use Overlay) provides the necessary zoning flexibility for wholesale business and warehousing as conditional uses.
The North Bergen submarket presents a compelling case for self-storage investment. According to JLL, the area is significantly underserved compared to national benchmarks:
| Metric | Local Market (3-Mile Radius) | National Average |
| Population | 603,000+ | — |
| Renter-Occupied Housing | 72% | ~34% |
| Storage Supply Per Capita | 2.79 sq. ft. | 6.1 sq. ft. |
| Avg. Household Income | $161,184 | — |
The high density of multifamily dwellings (exceeding 132,000 units) and the extreme shortage of storage space per person create a “supply-demand imbalance” that Safely Store aims to capture.
Situated at a highly trafficked junction, the property offers branding opportunities via exceptional frontage on Interstate 495 (140,210 vehicles per day) and Kennedy Blvd. (31,155 vehicles per day).
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Manhattan Access: Only 1.5 miles from the Lincoln Tunnel.
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Regional Connectivity: Direct links to Route 3, the NJ Turnpike, and Routes 1 & 9.
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Local Reach: Immediate proximity to Union City, Weehawken, and Hoboken.
“This represents a unique opportunity to convert a strategically located theater building into a best-in-class facility in an irreplaceable location,” Jose Cruz, senior managing director at JLL said. “The proximity to Manhattan and a significantly under-supplied market creates compelling investment potential.”
The JLL team representing the seller was led by Cruz, Nicholas Stefans, Jason Lundy and Luke Ceccoli.
