The project at 141 U.S. 206 marks the second ground up development under the joint venture, which is seeking to develop high quality self storage facilities in strategic spots along the Interstate 95 corridor from Florida to New England.
“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,” Michael Legacki, senior acquisitions manager for Hampshire, said. “Hampshire’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 Storage to bring this project to completion and deliver an institutional quality asset to Somerset County.”
The 120,524-square-foot facility, which will have 903 climate controlled units, is expected to be completed by February 2020.
“We are excited to continue our strategic programmatic partnership with Hampshire to develop institutional-quality, self storage facilities in high-barrier-to-entry markets with favorable demographic characteristics. We are committed to identifying and investing in the self storage sector and look forward to leveraging our deep investment expertise and strong industry partnerships to drive performance for our investors,” Mike Gordon, senior managing director at Harrison Street, said.
The site was selected, the joint venture said, due to the area’s high median household income, growing population density and a lack of modern self storage options.
“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,” James E. Hanson II, CEO and president of Hampshire, said. “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 over the next several months.”