HILLSBOROUGH, NJ – A three-story storage unit facility is taking shape on Route 206.
The Hampshire Companies and Harrison Street, real estate investment firms are partners in the 903-unit climate-controlled facility, tentatively scheduled to open in February, 2020. The building encompasses 120,524 square feet.
Extra Space Storage will manage the facility.
“The self-storage sector has seen a significant uptick in investment over the past several years as investors realize the relative stability of the asset class,” said Michael Legacki, senior acquisitions manager for Hampshire. "We look forward to working with Harrison Street and Extra Space Storage to bring this project to completion and deliver an institutional quality asset to Somerset County.”
Mike Gordon, senior managing director at Harrison Street, said, “We are excited to continue our strategic programmatic partnership with Hampshire to develop institutional-quality, self-storage facilities in high-barrier-to-entry markets with favorable demographic characteristics."
Having repositioned or developed 33 self-storage facilities with an aggregate value of over $415 million since 2012, Hampshire's portfolio of self-storage facilities along the eastern United States continues to grow with 13 self-storage development projects underway and is targeting another 14 additional projects. Hampshire is based in Morristown.
Harrison Street is focused on alternative real assets focused on the Education, Healthcare and Storage sectors. The company is headquartered in Chicago.