The Raia Self Storage portfolio, consisting of five existing self-storage facilities and two development sites, has been sold to the Hampshire Cos. for its Hampshire Fund VII. The operational sites, totaling 410,330 square feet, are in Mahwah, Montville and Hackettstown, N.J., and Central Valley and Poughkeepsie, N.Y. The development sites are in Denville and Hillsborough, N.J.
Jeffrey Dunne of the CB Richard Ellis New York Institutional Group worked with Steve Hryszko of the firm’s Self Storage Advisory Group to represent the seller and procure the buyer. The deal was closed in two phases, with the existing sites closing in late 2008, and development sites closing this month.
The facilities will operate under the Hampshire Self Storage brand. The acquisition brings the company’s self storage holdings to 10,000 units totaling one million square feet.
Sources: Daily Record (Parsippany, N.J.), Raia storage portfolio closed; GlobeSt.com, CBRE Brokers Sale of Self-Storage Portfolio