Hampshire Cos. to Transform NJ Building to Self Storage
- Feb 04, 2019
The Hampshire Cos. is expanding its self storage footprint on the Northeast. The firm has acquired a century-old building in Elizabeth, N.J., and will redevelop it into a three-story self storage facility. Construction is slated to commence later this year. Extra Space Storage will be the manager of the development.
The former Elizabeth Armory building, which was built in 1912 for the New Jersey National Guard, is located at 1189 Magnolia Ave., near freeways 27 and 9, less than 1 mile from downtown. Strategically located close to Interstate 95—and also merely 15 miles from New York City and within 5 miles of Newark International Airport—the self storage redevelopment will be exposed to a population of more than 128,0000 people. Once redeveloped, the building will encompass a total of 100,000 square feet of self storage space. The Hampshire Cos. plans to preserve the building’s historic façade and exterior in order to maintain the structure as the town’s historical icon.
“Upon initial viewing of the building, many might not see self-storage conversion as a natural fit,” said Michael Legacki, senior acquisitions manager at The Hampshire Cos., in a prepared statement. “(…), having a strong, well-versed team enabled us to adeptly maneuver the entitlement process and work with the city of Elizabeth to gain approvals within a very tight timeline.”
In January, the company also acquired a two-acre site in New London, Conn., to develop a 100,000-square-foot facility, which marks Hampshire Cos. second investment in a designated Opportunity Zone.
Rendering courtesy of The Hampshire Cos.