The Hampshire Companies continues to bolster its self-storage portfolio with the addition of a 106,500-square-foot state-of-the-art storage facility. Hampshire purchased the existing low-performing facility and revitalized and expanded the site. The company recently completed extensive renovations and capital improvements bringing a best in class, modern self-storage facility to 1407 Park Street in the up-and-coming Parkville neighborhood just two miles from downtown Hartford, Connecticut.
While the Hartford facility marks Hampshire’s first self-storage project in Connecticut, the company has over 20 years in the self-storage marketplace. Throughout the eastern United States, Hampshire continues to source opportunities in underserved, high-barrier-to-entry markets deploying its cycle-tested investment strategy. Since 2012 alone, Hampshire has built a robust portfolio of self-storage facilities having repositioned or developed 30 self-storage facilities with an aggregate value of over $415 million. Presently, Hampshire has 12 self-storage development projects underway aggregating $217 million of investment across the eastern United States and is targeting another 14 additional projects with an aggregate value of $243 million in the pipeline.
“We’re looking to take our successful self-storage model and implement it in new, underserved markets,” said James E. Hanson II, President and CEO of The Hampshire Companies. “The Hartford location is just one of many successful projects that has 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.”
Upon acquiring the existing faltering self-storage facility, Hampshire completely renovated the building making substantial capital improvements including a new elevator, roof, floor and façade repairs and upgraded security and fire/life safety systems. Hampshire also expanded the facility developing an additional five-story, 50,000-square-foot building and tapped longtime strategic partner Extra Space Storage, a leading self-storage REIT, to professionally manage the new location.
“We’ve been in the self-storage business for a long time,” said Don Engels, Senior VP of Self-Storage Acquisitions & Development. “Hampshire first entered the space in the mid-1990s, so we have a unique understanding of every facet of the business. It’s this experience coupled with our vision and strategic partnerships that has bolstered our market leadership position as a best in class developer and owner.”
The brand-new Hartford self-storage facility offers superior accessibility to Interstate 84 as well as Hartford’s 123,000 residents. At 106,550 square feet, the two-building facility features 712 total units with flexible sizes ranging from 5’x5’ lockers up to 20’x20’ units and features amenities that modern self-storage customers desire, including climate-controlled storage and state-of-the-art security system.
To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook (www.facebook.com/hampshireRE), Twitter (@hampshireco), and LinkedIn (www.linkedin.com/company/the-hampshire-companies).
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust and a member of the S&P 500. As of June 30, 2018, Extra Space owned or operated 1,568 stores, which comprise approximately 1,090,000 units and 119 million square feet of rentable space offering customers conveniently located and secure storage solutions, including business storage. Extra Space Storage is the second-largest owner and/or operator of self-storage properties and is the largest self-storage management company in the United States. For more information, visit www.extraspace.com.
R&J Strategic Communications