Joint venture partners The Hampshire Companies and Harrison Street, one of the nation’s largest real estate investment firms dedicated to the education, healthcare and storage sectors, announce the groundbreaking for their latest self-storage development project at 141 US-206 in Hillsborough, N.J. Standing at 120,524 square feet with an estimated completion date of February 2020, the modern facility will be managed by Extra Space Storage, a leading self-storage REIT.
Somerset County’s high median household income, growing population density, and a lack of modern self-storage space presents Hampshire and Harrison Street with the combination of factors needed for a successful self-storage development project. Boasting a location along Route 206, one of the most heavily traveled retail corridors in the area, the site also features superior visibility and accessibility. Upon completion, the facility will provide an underserved market with an institutional quality asset offering a range of self-storage options across 903 state-of-the-art, climate-controlled units.
Earlier in 2019, Hampshire and Harrison Street announced a joint venture partnership to develop modern, institutional-quality self-storage facilities in strategic locations along the Interstate 95 corridor from Florida to New England. The Hillsborough project marks the joint venture partnership’s second ground up development project, joining their Providence, R.I. project that broke ground in the 1Q of 2019 and is slated for completion by year end 2019.
“The self-storage sector has seen a significant uptick in investment over the past several years as investors realize the relative stability of the asset class,” said Michael Legacki, Senior Acquisitions Manager for The Hampshire Companies. “Although this can make development more difficult, our team’s decades of experience and expertise ensures we are able to find value in even the most competitive market conditions. We look forward to working with Harrison Street and Extra Space to bring this project to completion and deliver an institutional quality asset to Somerset County”
Having repositioned or developed 33 self-storage facilities with an aggregate value of over $415 million since 2012 alone, Hampshire has built a robust portfolio of self-storage facilities along the eastern United States. Hampshire continues to grow its self-storage market authority with 13 self-storage development projects currently underway aggregating $239 million of investment and is targeting another 14 additional projects with an aggregate value of $243 million in the pipeline.
“By partnering with Harrison Street, we have ensured that Hampshire will continue to be well-positioned to aggressively pursue self-storage development in an increasingly competitive marketplace,” added James E. Hanson II, President & CEO of The Hampshire Companies. “We look forward to building upon the initial success of this relationship as we apply our time-tested self-storage development formula to bring institutional-quality assets to life throughout the I-95 corridor.”
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook, Twitter and LinkedIn.
R&J Strategic Communications