The Hampshire Companies, a Morristown real estate investment firm, announced on Wednesday it has expanded its self storage portfolio by bringing eight facilities totaling 821,410 square feet to market across five states in the first seven months of 2020.
Currently, Hampshire has four self-storage development projects underway, aggregating $80 million in investments and has targeted another four projects in the pipeline with an aggregate value of $68 million. Bringing all eight of these to market, Hampshire said, demonstrates its development strategy and platform.
“We take a strategic approach to self-storage development that’s backed by our decades of experience in the asset class,” John Durso, head of development for The Hampshire Companies, said. “Leveraging our team’s tremendous experience, we identify dense, well-located markets throughout the eastern United States that are currently underserved by institutional quality self-storage facilities and then execute development projects to fill this unmet need in those markets. Each of these eight projects demonstrates how our development platform can be replicated and deployed across a variety of market conditions including those as challenging as the COVID-19 environment to deliver best-in-class assets across the northeast.”
Redevelopment projects (each opened in January):
- 100,200 square feet and 760 units, Extra Space Storage, 1189 Magnolia Ave., Elizabeth, open since January;
- 102,335 square feet and 807 units, Extra Space Storage, 11 Franklin Ave., Belleville, open since July;
- 83,908 square feet and 675 units, Extra Space Storage, 3095 SW 39th Ave., Miami, Florida, open since January;
- 110,524 square feet and 864 units, Extra Space Storage, 145 Corliss St., Providence, Rhode Island, open since January;
- 109,310 square feet and 882 units, CubeSmart, 2649 Erie Blvd., Syracuse, New York, open since April;
- 100,000 square feet and 760 units, CubeSmart, 351 N. Frontage Road, New London, Connecticut, open since April.
Ground-up development projects:
- 94,800 square feet and 656 units, CubeSmart, 900 State St. in Perth Amboy, open since July;
- 120,524- square feet and 903 units, Extra Space Storage, 141 U.S.-206 in Hillsborough, open since July.
Since 2012, Hampshire has repositioned or developed 42 self storage facilities with an aggregate value of more than $608 million.