The Hampshire Companies continues to expand its self-storage portfolio with the acquisition of a two-acre parcel at 351 North Frontage Road in New London, Conn. The firm announced it will develop a new 100,000-square-foot state-of-the-art storage facility bringing the first modern, institutionally managed self-storage facility to the city. Construction is slated to begin in 2Q 2019.
Located in one of New London’s main shopping hubs, the project marks Hampshire’s second investment in a designated Opportunity Zone as classified by a recent federal program that focuses on the development of projects in low-income, urban and rural areas. The property features prominent retail orientation offering excellent visibility from I-95 and strong market demographics. The approximately 800-unit facility will feature modern architecture with four levels of climate-controlled storage space.
“Although we’ve been bullish on self-storage development opportunities over the past few years, we continually work to strategically identify undersupplied areas in cities like New London that fit into our overall self-storage investment strategy,” said Michael Legacki, Senior Acquisitions Manager for The Hampshire Companies. “Our extensive experience and expertise in the asset class enabled us to work cooperatively and efficiently with the city of New London through the approval process as we look to deliver an institutional quality self-storage project on time and on budget.”
Having repositioned or developed 33 self-storage facilities with an aggregate value of over $415 million since 2012 alone, Hampshire has built a robust portfolio of self-storage facilities along the eastern United States. Hampshire continues to grow its self-storage market authority with 13 self-storage development projects currently underway aggregating $239 million of investment and is targeting another 14 additional projects with an aggregate value of $243 million in the pipeline.
“Our history and track record of success has helped guide our self-storage investments strategy,” added James E. Hanson II, President & CEO of The Hampshire Companies. “Our goal is to deliver a superior product to underserved markets. New London’s Qualified Opportunity Zone designation further exemplifies the city’s ideal location for these increasingly in-demand assets, allowing us to bring an important amenity to the market.”
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.
R&J Strategic Communications