The Hampshire Cos., Harrison Street Launch East Coast Venture
- Feb 14, 2019
The Hampshire Cos. and Harrison Street announced they have joined forces to develop self storage facilities along the East Coast, from Washington, D.C. to Boston. The joint venture’s first investment will be the ground-up development of a seven-story self storage facility along Interstate 95 in Providence, R.I.
Over the next several months, the joint venture plans to announce multiple self storage development projects located in strategic locations along the major transportation corridor of Interstate 95.
Taking on the self storage market is nothing new for both companies. The Hampshire Cos. has been in self storage development for decades, and since 2012, has repositioned or developed 33 self storage facilities with an aggregate value of more than $440 million. Harrison Street has invested $2 billion across 223 storage properties since the firm launched in 2005.
“Although the eastern United States presents tremendous opportunity for self storage development, it is among the most crowded and competitive in the U.S., which makes it difficult for new investors to enter the market,” said James Hanson II, president & CEO of The Hampshire Cos., in prepared remarks. “Our strategic programmatic partnership with Harrison Street provides us with a unique opportunity to successfully deploy capital into an increasingly competitive marketplace.”
In a separate deal last week, The Hampshire Cos. announced plans to redevelop the former Elizabeth Armory building in Elizabeth, N.J., located close to Interstate 95, into a 100,000-square-foot self storage facility.
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