Hampshire has repositioned or developed 33 self-storage facilities since 2012
February 20, 2019: Morristown based real estate investment firm and self-storage operator Hampshire Real Estate Cos., has entered a joint-venture partnership with real estate firm Harrison Street to develop self-storage facilities. They are planning to develop facilities at Interstate 95 corridor from Boston to Washington, D.C. The first project will be a newly built, seven-story facility in Providence, R.I., which is expected to break ground this quarter. The company will announce the additional projects in the next several months, according to the press release.
“Although the Eastern United States presents tremendous opportunity for self-storage development, it is among the most crowded and competitive in the United States, which makes it difficult for new investors to enter the market. Our strategic programmatic partnership with Harrison Street provides us with a unique opportunity to successfully deploy capital into an increasingly competitive marketplace. It also enables our team to build upon our track record of success and pursue additional self-storage development opportunities over the next several years.” Said by James E. Hanson II, CEO and president of Hampshire.
“We are pleased to partner with Hampshire, a best-in-class storage developer, as we identify attractive investment opportunities in a region with favorable demographics and high barriers to entry. Hampshire’s proven track record makes them a valuable partner for our team, and I am excited to leverage our deep-sector expertise and resources that will benefit our investors and partners.” Said by Christopher Merrill, CEO and co-founder of Harrison Street."
Hampshire Cos. based in Morristown, N.J., has 12 developments underway, totaling $217 million of investment across the Eastern United States. The company is targeting another 12 projects, with a collective value of more than $215 million.
Harrison Street Headquartered in Chicago with an office in London. It has $18 billion in assets under management in the education, healthcare and self-storage sectors. The company has invested $2 billion across 223 storage properties and has sold 137 storage properties for a gross transaction value of $1 billion.