The Hampshire Cos. and Harrison Street have formed a joint venture to develop self-storage facilities along the I-25 corridor, from Boston to Washington, DC.
Their first project will be a ground-up development of a 110,000-square-foot self-storage facility along I-95 in Providence, RI at 145 Corliss Street. The seven-story project will have 876 units and is expected to break in the current quarter. It is slated to be managed by Extra Space Storage.
“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 and 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.”
The Hampshire Cos. is based in Morristown, NJ. Harrison Street is based in Chicago.
The Hampshire Cos. said it has repositioned or developed 33 self-storage facilities with an aggregate value of more than $440 million since 2012. Harrison Street said it has invested $2 billion in 233 storage properties and sold 137 such properties for a total of $1 billion since opening in 2005.
Planned
Developer Paul Mastroianni got a “no” from the Zoning Advisory Committee in Hopkinton, MA – which rejected his request to bring a zoning bylaw amendment to a town meeting – so he has filed a citizen’s petition in order to be heard. For that, he needed the signatures of 10 registered voters in town. As is, town bylaws don’t allow self-storage facilities in town by right or special permit. Mastroianni, of REC Hopkinton LLC, wants to build a self-storage business on 10 acres of undeveloped land on South Street. Source: Milford Daily News
David Bernstein, president of Larkspur Properties, wants to renovate a former Walmart store on Carlyle Plaza Drive in Belleville, IL, and install 650 to 700 units. Bernstein bought the Walmart building for $1.2 million. The project requires approval from the Zoning Board of Appeals and the City Council. Source: Belleville News-Democrat
AMERCO Real Estate bought a vacant, five-story office building at 15 Pleasant St. Connector in Framingham, MA, and hopes to transform it into a 633-unit self-storage facility. The cost was $4.4 million. Genzyme formerly occupied the 95,000-square-foot building, but left it in 2012. Normandy Real Estate Partners bought the building for $5.5 million in 2013, but struggled to attract tenants. The Framingham Planning Board soon will finish reviewing AMERCO’s application to create a U-Haul facility there. The city has said it prefers more pedestrian-friendly, mixed-use development in that area. Source: MetroWest Daily News
Tulfra Real Estate announced it plans to build a 760-unit, 41,000-square-foot self-storage facility at 670 Passaic Ave. in West Caldwell, NJ. Tulfra expects to finish the project by early summer. The company secured a construction loan of $5.6 million. Source: Patch
Completed
Simply Self Storage has opened a self-storage facility with 733 units and 82,850 square feet in six buildings at 4740 4th Army Drive, Frisco, TX. It offers climate-controlled interior storage units plus exterior drive-up units.
StorageMart, which is based in Columbia, MO, opened a new storage facility at 15415 Metcalf Ave. in Overland Park, KS. It was 639 units and almost 80,000 square feet. It’s the company’s 32nd location in the Kansas City metro area.
Nora and David Morley opened Lantana Storage Units at the northeast corner of East Hickory Hill Road in Lantana, TX in November. It has 170 units and 80 parking spaces. The facility recently became a U-Haul dealer, leasing trucks and vans. Source: Cross Timber Gazette
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