The JDA team, which operates its business in three divisions – Industrial, Multifamily, and Self-Storage – seldom has the opportunity to join forces across divisions in a joint development project. On past occasions when such partnership opportunities have arisen, it has come in the form of a project like Indigo Square, a multi-use project that featured a hotel by OTO Development, an apartment community by JDA’s Multifamily team, and a storage facility by JDA’s Self-Storage division. In that case, partnership across the companies came to life in the form of three separate development projects on one piece of shared land.
However, recently, two of JDA’s divisions, its Industrial and Self-Storage teams, saw a unique opportunity to join forces on a single-building project that combined both uses. Situated on Broad Street in Newark, NJ, which runs parallel to the highly trafficked McCarter Highway (proximate to I-78 and Route 1/9), the property offers prominent visibility for self-storage operations and convenient access for urban infill last mile delivery. This is a high barrier to entry market with muted supply at the time of its Q3 2021 delivery (less than 3 SF per capita within a 3-mile radius) and strong density (population of roughly 300K within a 3-mile radius), providing attractive fundamentals for a long-term investment opportunity.
The building consists of approximately 113K NRSF of storage and 30K NRSF of flex warehouse space.
Working together and exhibiting strong partnership and entrepreneurship, the Industrial and Self-Storage teams have delivered a unique asset that serves the needs of both their client and customer bases. Congratulations to the JDA team on the delivery of this project!