Developers cut ribbon on Montville self-storage facility

Developers have cut the ribbon on a new self-storage facility in Montville, they announced this week.

Executives from Diversified Properties, the Hampshire Cos. and 1026 Real Estate Investors were joined by area officials at the CubeSmart facility at 352 Main Road/Route 202 at the ceremony last week.

The 755-unit property, which totals 98,000 square feet, was developed by Diversified and its in-house construction team, Morris Construction Management, with Hampshire and 1026 co-funding equity for the project.

The self-storage facility marks the final component of Diversified’s strategy for the site, which it acquired in 2015, and includes a 35,000-square-foot office building that now houses the company’s headquarters and other tenants.

“For 20 years, our team has taken great pride in our consistent ability to unlock value from opportunistic real estate investments across a variety of asset classes,” Nicholas Minoia, founding principal with Diversified, said in a prepared statement. “This project is special for us, as it is quite literally in our company’s backyard, and it allowed us to deploy our value-creation platform to provide tangible economic benefits to our hometown.”