If you are a little more progressive, you may consider add-ons like self-service car washes or even adjacent parking garages that serve the needs of the community—for a price.
But, flip the scenario around and you have a different type of mixed-use development altogether: Leased-based self-storage is the profitable afterthought.
Treasure Island is one of a growing number of examples of this newfangled, non-ownership approach to self-storage development that is emerging in the face of land limitations in under-served, yet prime, locations.
“Land is getting so scarce in suburban locations that self-storage developers are starting to make alliances with large store chain developers,” says Hugh Kreizenbeck, a vice president with Buchanan Capital Storage in Washington, D.C. “Self-storage developers are getting more creative about how they navigate traditionally expensive land prices. Treasure Island is a prime example, with a long-term lease on top of a 24-hour grocery store in New Jersey.”
Treasure Island is one of the fastest growing self-storage operators for the business, student, and local markets in the Northeast. Led by Rich Monteforte, president of Self Storage Operations in Eatontown, N.J., the developer has built 10 facilities. In doing so, Monteforte has also developed a habit of finding unique self-storage settings across New York and New Jersey that operate under the Treasure Island brand name.