The Hampshire Companies continues to grow its self-storage portfolio with the opening of two facilities totaling over 200,000 square feet of new, state-of-the-art self-storage space. The two locations, a 110,532-square-foot self-storage facility at 1240 Chester Pike in Crum Lynne, Pa. and a 93,353-square-foot self-storage facility at 59 Leverington Avenue in the Manayunk neighborhood of Philadelphia, Pa., mark Hampshire’s 32nd and 33rd self-storage developments projects completed since 2012 and the fourth and fifth developments in the Philadelphia area.
The Crum Lynne and Manayunk facilities feature modern architecture, climate-controlled storage units and state-of-the-art security systems. They will be professionally operated by Extra Space Storage, one of the nation’s preeminent self-storage REITs. Located at a lighted interchange in densely populated Ridley Township, the three-story Crum Lynne building features a strong retail orientation and is situated prominently with visibility from I-95. The Manayunk facility is in one of the most well established, desirable and densely populated neighborhoods in the city of Philadelphia.
“While we have a long history in self-storage, we’ve been particularly bullish on development opportunities for the past few years,” said Don Engels, Senior VP of Self-Storage Acquisitions & Development. “We continually look to source deals in under-served, densely populated areas in an effort to deliver these increasingly in-demand assets and deliver them to local markets throughout the northeast. Crum Lynne and Manayunk are both excellent locations with strong demographics that fit extremely well within our self-storage investment strategy and we look forward to continuing to pursue opportunities in this market.”
The two ground-up development projects speak to Hampshire’s time-tested site selection and entitlement capabilities. Built around leveraging their experience in deploying capital into mature markets with high barriers to entry and populations underserved by self-storage, Hampshire has shown a unique ability to successfully deliver institutional quality self-storage projects on time and on budget in a wide variety of markets. As the second largest metropolitan area in the northeast, Philadelphia’s demographics and market fundamentals aligned perfectly with Hampshire’s successful self-storage investment strategy.
Since 2012 alone, Hampshire has built a robust portfolio of self-storage facilities along the eastern United States having repositioned or developed 33 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.
James E. Hanson II, President and CEO of The Hampshire Companies added, “With over 20 years of self-storage development, our team has been integral in the successful evolution of the asset class to better meet the needs of today’s customers and communities. Our extensive experience allows us to successfully deliver these best-in-class, modern self-storage facilities to a wide range of markets and bring an important community amenity to underserved areas while providing our investors, lenders and partners with strong returns.”
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, 2018, Extra Spaces owned or operated 1,606 stores, which comprise approximately 1.1 million units and 122 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