The Hampshire Companies is partnering with storage sector investor Harrison Street to build a self-storage highway along the I95.
The New Jersey-based Hampshrie Companies — which has repositioned or developed 53 self-storage facilities worth $585 million in the past six years — said the joint venture with Harrison Street will develop institutional-quality facilities along the I-95 corridor from Washington D.C. to Boston.
“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, President & CEO of The Hampshire Companies.
“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.”
The first project for the Hampshire and Harrison venture will be the ground-up development of a seven-story facility in Providence, R.I. expected to break ground in the first quarter of 2019.
Harrison Street has $2 billion invested across 223-storage properties and has sold anotehr $1 billion worth of self-storage properties .
Christopher Merrill, Co-Founder and CEO of Harrison Street said, “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. Hampshire’s proven track record makes them a valuable partner for our team.”