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JV Will Develop CubeSmart Facility in Montville
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.
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