Space is a limited commodity in any big city, so when CrownPoint Group (CPG) and the Lamar Companies teamed up to bring 135,000 square feet of storage to Newark’s booming, but crowded Ironbound neighborhood, they faced a daunting task.
The joint venture posed challenges but proved to be a success and the brand new, six-story self-storage facility is now open and leasing units. The building is climate-controlled and boasts 1,200 self-storage spaces.
“Our investment strategy in developing storage is focused on delivering best-in-class assets in densely populated markets with high barriers to entry,” commented 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.”
CPG partnered with Lamar in 2023 to purchase four lots located at the corner of Wilson Avenue and Avenue L. The project redeveloped one acre of underutilized land in the Ironbound, creating hundreds of construction jobs. After two years of ground-up construction, the new facility at 305 Wilson in Newark will operate under the Extra Space Self Storage brand.
“The Lamar Companies is proud to work alongside CPG to bring much-needed self-storage space to Newark and the Ironbound,” offered Kyle Hayes of Lamar Companies. “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.”
The Ironbound Community Corporation reported that the neighborhood accounts for roughly 40% of Newark’s economy and a third of its tax base. The district is bordered by Newark Penn Station, U.S. Routes 1 and 9, and the New Jersey Turnpike. The Extra Space Self Storage facility offers easy access to all main roads and highways.
