Hampshire Real Estate Cos., a private real estate investment firm and self-storage operator, has opened a three-story Extra Space Storage facility in Millburn, N.J. It’s Hampshire’s 30th development in six years, according to a press release. The property at 30 Bleeker St. is near Garden State Parkway and Interstates 78 and 287. It comprises 104,260 square feet of storage in 767 units.
“There were numerous engineering and construction challenges presented by this site, which resulted in [it] being left vacant for quite some time,” said Don Engels, senior vice president of self-storage acquisitions and development for Hampshire. “Despite these challenges, the strong local demographics and location of the property presented an ideal opportunity for self-storage development. We leveraged our extensive experience in ground-up self-storage development and the expertise of our valued project partners to create an impressive building to meet the storage needs of the local community.”
A ribbon-cutting ceremony on Monday was attended by Hampshire and Extra Space executives, Millburn Mayor Cheryl Burstein and township officials, and representatives from Circle Squared Alternative Investments, the project-investment advisor. Additional attendees included Avison Young, Bohler Engineering, SNS Architects & Engineering PC and Sweetwater Construction Corp.
Hampshire has 12 development projects underway across the eastern United States, a $217 million investment. The company is targeting another 14 projects with an aggregate value of $243 million, the release stated.
“Continued strong demand for self-storage facilities in some of the most densely populated areas along the eastern United States has created an ample opportunity for developers with experience in constructing projects in markets with high barriers to entry,” said James E. Hanson II, Hampshire CEO and president. “Our self-storage investment strategy is built on recognizing opportunities within these markets and applying our decades of experience to successfully deliver modern, well-located facilities that today’s customers demand.”
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.
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.
Source:
Commercial Property Executive, The Hampshire Cos. Expands Storage Footprint
