What's Happening?
JLL Capital Markets has arranged construction financing for a new self-storage facility, Extra Space Hillsborough, in New Jersey. The project, developed by Shadowbrook Capital, will feature 709 units across 105,663 square feet. The financing was secured
through Provident Bank. The development is driven by the demand for storage solutions in densely populated areas with limited housing space. The facility will be located on 8.64 acres with direct access to Route 206, benefiting from the growing population in Somerset County. The project is expected to be completed in 2027, with Extra Space Storage managing operations.
Why It's Important?
The development of the Extra Space Hillsborough facility addresses the increasing demand for self-storage in New Jersey, particularly in areas with high population density and limited housing space. This trend is fueled by urban living conditions and the rise of remote work, which reduces in-home storage capacity. The project represents a strategic investment in an underserved market, potentially offering significant returns for investors and meeting consumer needs. The involvement of a reputable developer and strategic location enhances the project's appeal to lenders and stakeholders.
