The facility will comprise 120,524 square feet of storage space
December 30, 2019: The joint venture between Hampshire and Harrison Street has started construction on its second project, a ground-up development in Hillsborough, N.J. The project is expected to complete on February 2020. The facility located at 141 US-206 will comprise 120,524 square feet. After construction, the facility will be managed by self-storage real estate investment trust Extra Space Storage and branded under its name.
“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. 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 [Interstate 95] corridor over the next several months.” Said by James E. Hanson II, CEO and president of Hampshire.
Hampshire based in Morristown, N.J has repositioned or developed 33 self-storage facilities with an aggregate value of more than $440 million since 2012. It 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.