The Hampshire Companies continues to grow their self-storage development pipeline with the acquisition of a brownfield redevelopment of a former industrial facility at 30 Sea Cliff Avenue in Glen Cove, N.Y. The Hampshire Companies has commenced construction of a 108,000-square-foot, 800-unit state-of-the-art self-storage facility.
The site features a strategic location in the heart of Glen Cove, N.Y. directly off Route 107 with over 40,000 vehicles passing the property daily. With a lack of institutional-quality facilities in the area, Hampshire recognized that the site’s prime location coupled with the area’s density and high household income levels provided the ideal factors needed for successful self-storage development.
The Hampshire Companies leveraged their decades of experience in both self-storage development and environmental remediation to work with the City of Glen Cove and NYSDEC over a period of three years to develop a creative solution that would give the site a second life. Currently under construction, the state-of-the-art facility is targeted for completion by 4Q 2020 and will be managed by Extra Space Storage (NYSE: EXR), a leading self-storage REIT, upon its completion.
“Our Glen Cove self-storage project exemplifies our unique approach to self-storage development and ability to overcome a wide range of obstacles to bring projects to life in a variety of markets,” said Michael Legacki, Senior Acquisitions Manager for Hampshire. “Most developers searching for investment opportunities would not look twice at a Superfund site that has sat vacant for over 20 years. However, we were able to see the untapped potential at the site and have the expertise and experience to deliver a project that will ensure this property can once again be a valuable economic contributor to the city.”
“Our time-tested approach to self-storage development allows us to continue to aggressively pursue self-storage development throughout the increasingly crowded I-95 corridor,” added James E. Hanson II, President & CEO of Hampshire. “In the current highly competitive self-storage market, our experience, creativity, and persistence ensure we are uniquely suited to execute challenging development self-storage opportunities like Glen Cove to bring these in demand assets to markets throughout the east coast.”
Having repositioned or developed 33 self-storage facilities with an aggregate value of over $445 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 $260 million of investment and is targeting another 13 additional projects with an aggregate value of $265 million in the pipeline.
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.
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R&J Strategic Communications