Tulfra Real Estate has announced the opening of a new self-storage facility in Jersey City, adding 797 climate-controlled units to a market with growing demand. The development at 300 Thomas McGovern Drive represents the first phase of a larger project, reflecting a significant trend in the commercial real estate sector across New Jersey.
Key Takeaways
- Tulfra Real Estate opened the first phase of Jersey City Self Storage, providing 797 units across 115,000 square feet.
- The complete three-phase project is planned to total 260,000 square feet.
- The self-storage market in the U.S. reached $33.8 billion in revenue in 2024, driven by high population density and housing constraints in areas like New Jersey.
- The facility is managed by Public Storage and is part of Tulfra's strategy to redevelop underutilized industrial sites.
New Facility Addresses Regional Storage Demand
A new six-story self-storage building has officially opened in Jersey City, developed by Rochelle Park-based Tulfra Real Estate. This initial phase of the Jersey City Self Storage project introduces 797 climate-controlled units within a 115,000-square-foot structure. The facility is located at 300 Thomas McGovern Drive.
The development is planned in three stages. Upon completion, the entire facility will offer 260,000 square feet of storage space. The project aims to meet the needs of a densely populated urban area where residential space is often limited.
An opening ceremony was held to mark the completion of the first phase. Attendees included Jersey City Mayor Steven Fulop, local officials, and community leaders. Partners on the project, including representatives from the lender Fulton Bank and financing arranger JLL Capital Markets, were also present.
Strategic Redevelopment of Industrial Land
The new storage facility stands on a site that was previously used for industrial purposes. This project is consistent with Tulfra's business model of transforming underutilized properties into productive community assets. The company's portfolio of developed self-storage facilities in northern New Jersey now exceeds one million square feet.
“This is a milestone not only for Tulfra but also for the Jersey City community,” said Sonny Jumani, president and CEO of Tulfra Real Estate. “We are proud to transform this former industrial site into a best-in-class storage facility that will serve thousands of residents and businesses in one of the fastest-growing markets in the nation.”
The facility's management and leasing operations will be handled by Public Storage, a major operator in the self-storage industry.
Project by the Numbers
- Phase 1 Units: 797
- Phase 1 Size: 115,000 square feet
- Total Planned Size: 260,000 square feet
- Stories: 6
The Growing Self-Storage Market
The opening of the Jersey City facility highlights a broader trend of growth in the self-storage sector, both nationally and within New Jersey. According to industry data, the U.S. self-storage market generated $33.8 billion in revenue in 2024. The market has experienced an annual growth rate of 10.9% over the last three years.
New Jersey is a particularly attractive market for self-storage providers. The state's high population density and the prevalence of smaller urban living spaces create consistent demand for external storage solutions. This has led to stable occupancy rates and rental trends, attracting major industry players.
Why New Jersey is a Prime Market
Several factors make New Jersey a key area for self-storage development. Its status as the most densely populated state in the U.S. means many residents live in apartments or homes with limited storage. This, combined with life events like moving, downsizing, or starting a business, fuels sustained demand. Other major operators like CubeSmart, Extra Space Storage, and SmartStop also maintain a significant presence in the state.
Location and Accessibility
The Jersey City Self Storage facility is strategically positioned to serve a large metropolitan population. It is located just one mile from Exchange Place and the PATH station, offering convenient access for residents of Jersey City and neighboring areas.
Its proximity to major transit routes also provides a direct connection to Manhattan and downtown Brooklyn, making it a viable option for customers in those boroughs who may be seeking more affordable or available storage space outside of New York City.
Project Financing and Partnerships
The development was made possible through a collaboration of several key entities. Tulfra Real Estate secured financing for the project through Fulton Bank, a regional financial institution. The financing deal itself was arranged by JLL Capital Markets, a professional services firm specializing in real estate and investment management.
The involvement of these established financial partners underscores the viability and perceived stability of the self-storage asset class. As developers continue to seek opportunities in commercial real estate, self-storage remains a sector with strong performance metrics and a clear demand driver, particularly in urban centers.
This project not only adds to Tulfra's growing portfolio but also provides a modern service infrastructure for one of New Jersey's most dynamic cities, supporting both residential and commercial customers.
