What's Happening?
A former movie theater in North Bergen, New Jersey, has been sold and will be converted into a self-storage facility. The 73,398-square-foot property, located at 3131 Kennedy Boulevard, was sold by Madison International Realty to Safely Store. The building, originally constructed in 1999, will be transformed into a four-story, 103,000-square-foot climate-controlled self-storage facility. The conversion is facilitated by JLL Capital Markets, which highlights the building's shell condition and high ceilings as ideal for this new use.
Why It's Important?
The conversion of a former movie theater into a self-storage facility reflects broader trends in real estate where underutilized properties are repurposed to meet current market demands. This transformation not only
revitalizes the property but also addresses the growing need for self-storage solutions in urban areas. The strategic location and the building's adaptability make it a valuable asset, demonstrating how real estate developers are innovating to maximize property value and meet consumer needs.
