Hampshire Cos. Continues Self Storage Expansion
- Nov 20, 2019
The Hampshire Cos. has added a 108,000-square-foot project to its self storage development pipeline. The firm purchased a former industrial facility in Glen Cove, N.Y. and received $11.3 million in construction financing to transform the property into an 800-unit storage asset. Branch Banking and Trust Co. provided the loan, Yardi Matrix shows. The Extra Space Storage branded and managed development is slated for completion by the end of 2020.
Strategically located at 30 Sea Cliff Ave., the project is just off Route 107, which provides exposure to more than 40,000 vehicles per day. The area is densely populated; approximately 126,000 people live within a 5-mile radius and there are less than 2-net-rentable-square-foot storage space available per capita. Additionally, the location is qualified as an Opportunity Zone, according to Yardi Matrix data.
At the beginning of 2019, The Hampshire Cos. teamed up with Harrison Street to develop self storage facilities in underserved northeastern areas. The company targets both ground-up projects and redevelopment opportunities along Interstate 95, from Washington D.C. to Boston.