Hampshire Real Estate Cos., a private real estate investment firm and self-storage operator, has acquired a self-storage facility in Hartford, Conn. The property at 1407 Park St. is situated along Interstate 84, about two miles from downtown. It’ll be managed by self-storage real estate investment trust Extra Space Storage Inc. and branded under its name, according to the source.
Built in 1945, the building was converted to self-storage in 2005. It comprises 106,500 square feet of storage space in 712 climate-controlled units.
Hampshire has modernized and expanded the property by adding a new elevator, roof and façade. The security and fire-and-life systems were also upgraded. In addition, the facility was expanded with the addition of a five-story, 50,000-square-foot building.
“The Hartford location is just one of many successful projects that have allowed us to apply our value enhancement strategy to deliver a best-in-class, in-demand, modern, state-of-the-art facility that delivers strong returns to our investors, lenders and partners,” said James Hanson II, CEO and president of Hampshire.
Hampshire also recently opened a facility in Carteret, N.J. It comprises 81,745 square feet in 784 units.
Founded in 1976 and headquartered in Morristown, N.J., Hampshire has a diversified investment platform that includes self-storage, industrial, medical, office and retail properties primarily in Northern New Jersey. It has 15 other projects in its pipeline totaling $240 million in investment.
Headquartered in Salt Lake City, Extra Space Storage Inc. is a real estate investment trust and third-party management firm. The company owns or operates 1,568 self-storage properties in 39 states; Washington, D.C.; and Puerto Rico. Its properties comprise approximately 1.09 million units and 119 million square feet of rentable space.
Sources:
Commercial Property Executive, The Hampshire Cos. Brings New Storage Facility to CT
LoopNet, Hartford Self Storage
