The Hampshire Companies continues to grow its robust self-storage portfolio with the opening of its state-of-the-art Extra Space Storage facility located at 30 Bleeker Street in Millburn, N.J. A market leader in self-storage development, the opening of the Millburn facility marks Hampshire’s 30th successfully executed self-storage facility in the last six years.
A ribbon cutting ceremony was held this morning to celebrate the milestone event. Executives from Hampshire were joined by Millburn Mayor Cheryl Burstein and township officials as well as executives from Extra Space Storage, Circle Squared Alternative Investments, which served as the project investment advisor, SNS Architects, Avison Young, Sweetwater Construction and Bohler Engineering for the celebratory event.
“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, President and CEO of The Hampshire Companies. “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.”
The Millburn project signals Hampshire’s continued strong track record of successful self-storage development. Presently, Hampshire has 12 additional 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.
“There were numerous engineering and construction challenges presented by this site which resulted in being left vacant for quite some time,” said Don Engels, Senior VP of Self-Storage Acquisitions & Development. “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.”
Hampshire has a storied history in the self-storage marketplace first entering the space in the mid-1990s as a developer for Storage USA. Today, the company has a longstanding, strategic partnership with Extra Space Storage, a leading public storage REIT, which manages Hampshire’s self-storage portfolio including the new Millburn location.
The location at 30 Bleeker Street offers excellent visibility on Interstate 78 and easy access to Interstate 287 and the Garden State Parkway. The three-story, 104,260-square-foot facility features 767 total units ranging from 5’x5’ through 10’x30’ and provides amenities that modern self-storage customers desire, including climate-controlled storage and state-of-the-art security system.
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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 September 30, 2017, Extra Spaces owned or operated 1,513 stores, which comprise approximately 1,030,000 units and 114 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