Hampshire Real Estate Cos., a private real estate investment firm and self-storage operator, has entered a joint-venture partnership with real estate firm Harrison Street to develop self-storage facilities along the Interstate 95 corridor from Boston to Washington, D.C. The first project will be a newly built, seven-story facility in Providence, R.I., which is expected to break ground this quarter. Additional projects will be announced over the next several months, according to a press release.
“Although the Eastern United States presents tremendous opportunity for self-storage development, it is among the most crowded and competitive in the United States, which makes it difficult for new investors to enter the market,” said James E. Hanson II, CEO and president of Hampshire. “Our strategic programmatic partnership with Harrison Street provides us with a unique opportunity to successfully deploy capital into an increasingly competitive marketplace. It also enables our team to build upon our track record of success and pursue additional self-storage development opportunities over the next several years.”
“We are pleased to partner with Hampshire, a best-in-class storage developer, as we identify attractive investment opportunities in a region with favorable demographics and high barriers to entry,” added Christopher Merrill, CEO and co-founder of Harrison Street. “Hampshire’s proven track record makes them a valuable partner for our team, and I am excited to leverage our deep-sector expertise and resources that will benefit our investors and partners.”
Based in Morristown, N.J., Hampshire has repositioned or developed 33 self-storage facilities with an aggregate value of more than $440 million since 2012. It has 12 developments underway, totaling $217 million of investment across the Eastern United States. The company is targeting another 12 projects, with a collective value of more than $215 million, the release stated.
Headquartered in Chicago with an office in London, Harrison Street has $18 billion in assets under management in the education, healthcare and self-storage sectors. Since its inception in 2005, the company has invested $2 billion across 223 storage properties, and has sold 137 storage properties for a gross transaction value of $1 billion.
New Jersey Business, Real Estate Giants Announce to Develop East Coast Self-Storage Properties