Safely Store Acquires Former Movie Theater In North Bergen From Madison International Realty

The transaction involved a retail property located at 3131 John F. Kennedy Boulevard, North Bergen, encompassing a total area of 73,398 square feet on a 1.07-acre lot. This former movie theater was acquired by Safely Store, which plans to transform it into a four-story, 103,000-square-foot climate-controlled self-storage facility. The site's highway visibility and its proximity to Manhattan, combined with the undersupplied self-storage market in the area, contributes to its favorable investment potential.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: Not disclosed
• Address: 3131 John F. Kennedy Boulevard
• Market: North Bergen
• Asset Size: 73,398 square feet
• Acres: 1.07
• Buyer: Safely Store
• Seller: Ronald M. Dickerman - Madison International Realty
• Broker Representatives: Jose Cruz, Nick Stefans, Jason Lundy & Luke Ceccoli - JLL

The acquisition was facilitated with the expertise of brokers Jose Cruz, Nick Stefans, Jason Lundy, and Luke Ceccoli from JLL, highlighting the collaborative effort in negotiating this transition from a movie theater to a storage facility, enhancing the functionality of the space to meet local demand.