Bellmawr, NJ Storage Development

This development project is located at 141 Kings Highway on a 1.27-acre parcel and features ground up construction of a Class A 84,000 leasable sq. ft. self-storage facility. The project is located on Kings Highway in Bellmawr, NJ in a well-developed and densely populated area with a number of national credit retail tenants nearby. Within a quarter mile, there is a newly developed Wawa and a grocery-anchored (Shoprite) retail center. The average daily traffic on Kings Highway exceeds 20,000 cars daily with the immediate area being a shopping and dining destination for the trade area. The project is easily accessible from I-295 and within the Philadelphia self-storage sub-market (a ten-minute drive from Lincoln Financial Field, the Philadelphia Eagle’s stadium). The location is strong as evidenced by 92%+ self-storage market occupancy with robust rental rates.

The project will be professionally managed by Public Storage (NYSE: PSA, $42b market capitalization). Public Storage will also aid in designing an optimal layout and unit mix for the Project, as well as in marketing the self- storage facility upon delivery. We expect to break ground spring of 2020 with an estimated completion date of spring 2021.