What's Happening?
Marcus & Millichap announced the sale of a self-storage development site located at 1099 Hendricks Causeway in Ridgefield. The site, which is fully entitled and permitted, will be developed into a Class A self-storage facility featuring over 73,000 net
rentable square feet and more than 1,200 climate-controlled units. The sale was managed by Nathan Coe, senior managing director investments, along with Gabriel Coe and Brett Hatcher, in association with Jim McGuckin, Marcus & Millichap’s New Jersey broker of record. The seller, StorageBlue, is a well-known self-storage operator in North Jersey, while the buyer, Safely Store, is a self-storage investment platform focused on acquisitions and developments across the U.S. The transaction was completed with multiple competitive offers, resulting in a final sale price well above the asking price.
Why It's Important?
This transaction highlights the robust demand for self-storage facilities in Bergen County and the broader self-storage sector. The acquisition by Safely Store underscores the strategic focus on expanding in high-barrier-to-entry markets, which are characterized by dense populations and strong market fundamentals. The development of this site into a modern self-storage facility is expected to meet the growing storage needs of the community, providing a valuable service in a densely populated area. Additionally, the involvement of major investment entities like Iron Point Partners and La Caisse indicates strong institutional interest in the self-storage market, which is seen as a stable and lucrative investment opportunity.
What's Next?
Safely Store plans to accelerate the development timeline for the Ridgefield site, leveraging its fully entitled status to bring the facility to market sooner. This move is part of a broader strategy to invest $400 million in self-storage opportunities across Tier I and Tier II U.S. markets. The focus will be on a mix of ground-up developments, conversions, lease-up projects, and undermanaged operational assets. As the project progresses, it is likely to attract attention from local stakeholders and potential customers, eager to utilize the new storage solutions. The development may also influence future real estate and investment activities in the region, as other investors and developers observe the outcomes of this project.
