A joint venture between Parsippany-based commercial real estate firm CrownPoint Group and the Lamar Companies of Fairfield has completed the first institutional-quality, self-storage facility in the Ironbound section of Newark.
The joint venture delivered a six-story self-storage facility at 305 Wilson Ave. with more than 1,200 units in the state’s largest city and New Jersey’s largest employment center.
The project, which will provide more than 135,000 square feet of climate-controlled space, has opened and begun leasing. It is located at the corner of Avenue L and Wilson Avenue and is near routes 1 and 9.
The self-storage sector is booming in the United States. U.S. market size is valued at $23.6 billion in 2024, according to neighbor.com, and is expected to grow at an annual compound rate of 7.5%, reaching nearly $90 billion by 2030.
“Our investment strategy in developing storage is focused on delivering best-in-class assets in densely populated markets with high barriers to entry,” said CPG Vice President Michael Legacki. “We are proud to not only create value for our investors, lenders and key stakeholders, but to bring much-needed storage space that will greatly benefit the entire community.”
The facility is the culmination of two years of ground-up construction supported by the City of Newark. The project revitalized a one-acre assemblage of underutilized land in the Ironbound and created hundreds of construction jobs over the course of 18 months.
“While the Brick City is known for its connectivity as a regional and international logistics hub, there is a scarcity of institutional-quality self-storage space that our new facility will address,” said Kyle Hayes of Lamar Companies. “Our team is confident that this project will not only serve as a catalyst for development and economic activity in the area but will also generate significant value for our investors.”
A report from the Ironbound Community Corp. said that the 4-mile-square neighborhood drives about 40% of the city’s economy and 33% of its tax base. The neighborhood is bounded by Newark Penn Station, routes 1 and 9, and the New Jersey Turnpike
CrownPoint Group said that since its inception in 2013, it has sourced, entitled and developed more than 2.5 million square feet of self-storage space with an aggregate value exceeding $500 million. Lamar Companies was founded in 1972 and is a privately held real estate investment company based in Fairfield.
