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The Hampshire Companies Continues Robust Self-Storage Development Activity with Completion of Extra Space Storage in Perth Amboy, N.J.

Successful opening marks company’s 442nd completed Extra Space Storage building
Perth Amboy, N.J.

The Hampshire Companies announces the completion of its latest Extra Space Storage facility at 900 State Street in Perth Amboy, N.J. With the completion of the facility, Hampshire has now developed 42 Extra Space Storage facilities across the eastern United States. 

Standing at 94,600 square feet, the 697-unit facility is the first institutional-quality self-storage facility to be developed in Perth Amboy. The building incorporates historically referential architecture with each of the features that the modern self-storage customer demands, including a state-of-the-art security system, after-hours keypad access, two elevators, and full climate control for interior units.

The Hampshire Companies continues to assert its status as one of the nation’s leading self-storage developers. Since 2012, Hampshire has repositioned or developed 42 self-storage facilities with an aggregate value of over $608 million. Currently, The Hampshire Companies has four self-storage development projects underway across New Jersey and New York, aggregating $80 million in investments, and is targeting another four additional projects with an aggregate value of $68 million in the pipeline. In 2020 alone, Hampshire has delivered nine self-storage projects to markets spanning the east coast’s I-95 corridor.

Leveraging a cycle-tested and data-driven approach to self-storage development, The Hampshire Companies continues to bring institutional self-storage solutions to underserved, high barrier to entry markets across the eastern United States. The firm’s strategic partnerships with two of the nation’s leading self-storage operators, Extra Space and CubeSmart, further enhance its competitive edge and enable the company to continually deliver modern, in-demand assets to markets throughout the I-95 corridor. 

The continued expansion of Hampshire’s self-storage portfolio comes amidst a tumultuous period for the asset class brought on by the COVID-19 pandemic. Prior to the emergence of COVID-19, the self-storage sector had seen tremendous growth due to its stability and a constrained supply of institutional quality facilities across the nation. In recent years, strong market conditions led to the emergence of first-time self-storage developers which resulted in an increased delivery of self-storage facilities throughout the northeast and caused a subsequent downward pressure on rents.  

The Hampshire Companies team recognized that despite the challenges presented to the broader commercial real estate industry because of COVID-19, there has been minimal fundamental changes to the underlying drivers that have traditionally fueled the self-storage sector over the long-term and the asset class remains well-positioned for long-term resiliency.

“In what was already an increasingly competitive asset class, the ongoing economic fallout of the pandemic has only made the self-storage sector’s underlying economics more complex, requiring an experienced and strategic approach to development,” said James E. Hanson II, President & CEO of The Hampshire Companies. “Through our time-tested strategic development platform and unparalleled experience in bringing institutional quality self-storage assets to high barrier to entry markets, we continue to be uniquely positioned to deliver in-demand spaces like our Perth Amboy facility amidst any market conditions.”

The Perth Amboy Redevelopment Agency has had a long string of successes in bringing projects, like the Extra Space Storage, to the city that have created jobs, improved quality of life, created new ratables, enhanced public spaces and cleaned up contaminated land.

“Our goal at PARA has been to create partnerships and projects that benefit Perth Amboy residents.  Along with the Mayor and City Council, we’ve been able to deliver real value and bring in over half a billion dollars in private investment in the past six years alone,” said PARA Executive Director Annie Hindenlang.  “We’re excited to welcome Perth Amboy Self Storage to the neighborhood as a part of these efforts.”      

For more on rental opportunities at the Perth Amboy Extra Space Storage, please visit them at https://www.extraspace.com/storage/facilities/us/new_jersey/perth_amboy/1000001561/

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 FacebookTwitter and LinkedIn.

Media Contact:
Dan Johnson
R&J Strategic Communications