August 28, 2019
Diversified Properties LLC, based in Montville, NJ, has closed on a joint venture with 1026 Real Estate Investors LLC, a New York City-based real estate investment firm. The JV is developing a three-story, 98,000-square-foot, climate-controlled self-storage facility at 352 Main Rd. in Montville.
The 2.5-acre site, previously approved for an office building, is located with access via Route 202, just off the I-287 exit ramp. All entitlements for the ground-up project are in hand and construction will commence in September. Upon completion, the facility will be operated by CubeSmart Self Storage.
Separately, Diversified Properties recently announced the formation of a new affiliate entity. Morris Construction Management LLC will offer third-party construction services to developers in the commercial and multifamily markets in the New York/New Jersey metro area.
Diversified managing partner Nicholas Minoia and construction management executive Anthony Ciallella are co-principals in the new company.
Connect National Investment & Finance is coming to New York on Oct. 23. For more information, or to register, click here.
Connect Opportunity Zones will be presented for the first time on Oct. 23 in New York. For more information, or to register, click here.
For comments, questions or concerns, please contact Paul Bubny