Hampshire Real Estate Cos., a private real estate investment firm and self-storage operator, has opened two new facilities near Philadelphia, totaling more than 200,000 square feet of space. They’re the company’s 32nd and 33rd self-storage developments since 2012, and its fourth and fifth projects in the area, according to a press release.
The three-story facility at 1240 Chester Pike in Crum Lynne, an urban neighborhood in Ridley Park, Pa., comprises 110,532 square feet, while the building at 59 Leverington Ave. in Phildelphia’s Manayunk neighborhood encompasses 93,353 square feet. Both will be managed by self-storage real estate investment trust Extra Space Storage Inc. and branded under its name.
“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 vice president of self-storage acquisitions and development. “We continually look to source deals in underserved, 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.”
Hampshire opened a three-story Extra Space Storage facility in Millburn, N.J., last month. The property comprises 104,260 square feet of storage in 767 units.
Hampshire has 12 development projects underway across the Eastern United States, a $217 million investment. The company is targeting another 14 projects with an aggregate value of $243 million, the release stated.
Founded in 1976 and headquartered in Morristown, N.J., Hampshire has a diversified investment platform that includes self-storage, industrial, medical, office and retail properties primarily in Northern New Jersey.
Headquartered in Salt Lake City, Extra Space Storage Inc. is a real estate investment trust and third-party management firm. The company owns or operates 1,568 self-storage properties in 39 states; Washington, D.C.; and Puerto Rico. Its properties comprise approximately 1.09 million units and 119 million square feet of rentable space.
NJ Biz, Hampshire Cos. Continues Self-Store Development