Dino Tomassetti, Jr., head of Asset Realty & Construction Group, has mentioned that a new project in Lyndhurst, NJ, has been completed.
The property, which was built on 1 Terminal Rd, Lyndhurst, NJ, is a ground-up development of a self-storage facility. The project is approximately 117,000 square feet and includes 922 units, a retail store, on-site parking, and a covered loading area.
Asset Realty acquired the property through one of its development affiliates. The property started as an industrial warehouse located at the busy interchange of NJ Route 3 and Route 17, approximately 1.5 miles south of the Meadowlands Sports Complex.
It was re-zoned to permit the use of self-storage, after which approvals were obtained by both the Township of Lyndhurst and the New Jersey Sports and Exposition Authority (NJSEA) for construction.
Asset Realty worked with a world-class design-build contractor and entered into an agreement with a well-known, publicly traded REIT to provide branding and third-party management services for the facility. Financing came from a local, New Jersey-based bank, and the demolition of the warehouse took place early in 2019.
Asset Realty and its affiliates worked diligently through the COVID-19 restrictions to keep construction moving forward, of course prioritizing health and safety above all. The project was completed this year. Dino Tomassetti, Jr. also stated that the facility is also fully climate-controlled with a minimal environmental footprint.
Asset Realty sees this project as the first of many planned self-storage developments within the Tri-State area, each of which will be built following the same guidelines, creating a higher standard of product in locations with a high demand for self-storage facilities.
Dino Tomassetti, Jr., is a successful real estate developer who started in construction. He has completed several construction projects and has expanded his portfolio to include some of the most high-profile developments in the New York Metropolitan Area. His new company, Asset Realty & Construction Group, Inc., combines his construction and real estate expertise. For similar reads, click here.