The Hampshire Companies and Harrison Street, one of the largest alternative real asset investment firms dedicated to the education, healthcare and storage sectors, announced that construction has commenced on a new self-storage development located at 141 US-206 in Hillsborough, NJ.
The project marks the second ground up development under joint venture, which seeks to develop modern, institutional-quality self-storage facilities in strategic locations along the Interstate 95 corridor from Florida to New England.
The first project in Providence, RI broke ground in the first quarter of 2019 and is slated for completion by year end 2019.
The site was selected due to the combination of factors needed for a successful self-storage development project, including high median household income, growing population density, and a lack of modern self-storage options, as well as a prime location along one of the most heavily traveled retail corridors in the neighboring area.
With an estimated completion date of February 2020, the venture will create an institutional quality asset offering a range of self-storage options across 903 climate-controlled units. Extra Space Storage will manage the 120,524 s/f facility.