Self-storage real estate investment trust Extra Space Storage Inc. has purchased 10 self-storage facilities in New Jersey (8) and New York (2). The properties comprise 740,822 square feet of net rentable space in 7,433 units. All will now operate under the Extra Space brand.
“We are excited to increase our footprint in the New Jersey and New York markets,” said Extra Space CEO Spencer Kirk. “We have forged a strong partnership with The Hampshire Cos. that is proving beneficial for both parties, now and into the future.”
Hampshire will retain ownership of a second portfolio that totals 5,993 units and 603,606 square feet of net rentable space. The portfolio includes four facilities in Puerto Rico as well as various facilities in New Jersey and Virginia.
“The timing for this deal was right, and we felt confident entering into it given Extra Space’s strong reputation and service standards,” said James E. Hanson II, president and CEO of Hampshire.
Aaron Swerdlin and Jon Mikula, senior managing directors for Holliday Fenoglio Fowler LP, a provider of commercial real estate and capital-market services, marketed the properties on behalf of the seller.
Headquartered in Salt Lake City, Extra Space owns or operates 882 self-storage facilities in 34 U.S. states and Washington, D.C. The company's properties comprise approximately 585,000 units and approximately 64 million square feet of rentable storage space.
Hampshire has more than 20 years of self-storage experience. The company formerly operated as a Storage USA franchisee in the late 1990s, later as developer, and now as an owner and operator.