The Hampshire Cos. announced this week it has completed an Extra Space Storage facility in Perth Amboy, its 46th such facility in the eastern U.S.
Morristown-based Hampshire said in a news release that the 94,600-square-foot, 697-unit facility at 900 State St. is the first institutional-quality self-storage facility in the city.
“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,” CEO and President James Hanson II said in a prepared statement.
The property represents the latest self-storage project for the real estate firm, which has repositioned or developed 42 facilities with a value of over $608 million since 2012. Hampshire, which delivered nine projects to market in 2020, also has four more projects underway, and another four targeted in the pipeline.
“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,” Hanson said.
Hampshire partnered with Extra Space on this project, continuing its relationships with that national operator and another such company, CubeSmart. It also worked with the Perth Amboy Redevelopment Agency, which aims to bring projects to the city that create jobs, improve quality of life and more.
“Our goal at PARA has been to create partnerships and projects that benefit Perth Amboy residents,” Executive Director Annie Hindenlang said in a statement. “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. We’re excited to welcome Perth Amboy Self Storage to the neighborhood as a part of these efforts.”