The Hampshire Companies and Harrison Street Break Ground on State-of-the-Art Self Storage Facility in Hillsborough, N.J.
Hillsborough, NJ (October 1, 2019) – The Hampshire Companies and Harrison Street, one of the largest alternative real asset investment firms dedicated to the Education, Healthcare and Storage sectors, today announced that construction has commenced on a new, high-quality self-storage development located at 141 US-206 in Hillsborough, NJ. The Hillsborough project marks the second ground up development project under Hampshire’s and Harrison Street’s joint venture, which seeks to develop modern, institutional-quality self-storage facilities in strategic locations along the Interstate 95 corridor from Florida to New England. The first project in Providence, RI broke ground in the first quarter of 2019 and is slated for completion by year end 2019.
The site was selected due to the combination of factors needed for a successful self-storage development project, including high median household income, growing population density, and a lack of modern self-storage options, as well as a prime location along one of the most heavily traveled retail corridors in the neighboring area.
With an estimated completion date of February 2020, the facility will provide an underserved market with an institutional quality asset offering a range of self-storage options across 903 state-of-the-art, climate-controlled units. Extra Space Storage (NYSE: EXR), a leading self-storage REIT, will manage the modern 120,524 square foot facility.
“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,” said Michael Legacki, Senior Acquisitions Manager for Hampshire. “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.”
Mike Gordon, Senior Managing Director at Harrison Street, said, “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.”
“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,” added James E. Hanson II, President & CEO of Hampshire. “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.”
Having repositioned or developed 33 self-storage facilities with an aggregate value of over $415 million since 2012 alone, Hampshire has built a robust portfolio of self-storage facilities along the eastern United States. Hampshire continues to grow its self-storage market authority with 13 self-storage development projects currently underway aggregating $239 million of investment and is targeting another 14 additional projects with an aggregate value of $243 million in the pipeline.