6B — March 19 - April 15, 2021 — New Jersey — M id A tlantic Real Estate Journal


N ew J ersey

94,600 s/f, 697-unit facility is located in Perth Amboy Hampshire continues self-storage development activity with completion of Extra Space Storage

ERTH AMBOY, NJ — The Hampshire Companies announced the completion of its latest Extra Space Storage facil- ity at 900 State St. in Perth Amboy. With the completion of the facility, Hampshire has now developed 46 Extra Space Storage facilities across the eastern United States. Standing at 94,600 s/f, the 697-unit facility is the first institutional-quality self-stor- age facility to be developed in Perth Amboy. The build- ing incorporates historically referential architecture with each of the features that the P

two elevators, and full climate control for interior units. Currently, The Hampshire Companies has four self-stor- age development projects underway across New Jersey and New York, aggregating $80 million in investments, and is targeting another four additional projects with an aggregate value of $68 million in the pipeline. Leveraging a cycle-tested and data-driven approach to self-storage development, The Hampshire Companies continues to bring institu- tional self-storage solutions to underserved, high barrier to

entry markets across the east- ern United States. The firm’s strategic partnerships with two of the nation’s leading self-storage operators, Extra Space and CubeSmart, fur- ther enhance its competitive edge and enable the company to continually deliver modern, in-demand assets to markets throughout the I-95 corridor. The continued expansion of Hampshire’s self-storage portfolio comes amidst a tu- multuous period for the asset class brought on by the CO- VID-19 pandemic. Prior to the emergence of COVID-19, the self-storage sector had seen

tremendous growth due to its stability and a constrained supply of institutional quality facilities across the nation. In recent years, strong market conditions led to the emer- gence of first-time self-storage developers which resulted in an increased delivery of self- storage facilities throughout the northeast and caused a subsequent downward pres- sure on rents. The Hampshire Companies team recognized that despite the challenges presented to the broader commercial real estate industry because of CO- VID-19, there has been mini- mal fundamental changes to the underlying drivers that have traditionally fueled the self-storage sector over the long-term and the asset class remains well-positioned for long-term resiliency. “In what was already an increasingly competitive asset class, the ongoing economic fallout of the pandemic has only made the self-storage sector’s underlying economics more complex, requiring an experienced and strategic ap- proach to development,” said James E. Hanson II , presi- dent & CEO of The Hamp- shire Companies. “Through our time-tested strategic development platform and unparalleled experience in bringing institutional qual- ity self-storage assets to high barrier to entry markets, we continue to be uniquely posi- tioned to deliver in-demand spaces like our Perth Amboy facility amidst any market conditions.” The Perth Amboy Rede- velopment Agency (PARA) has had a long string of suc- cesses in bringing projects, like the Extra Space Storage, to the city that have cre- ated jobs, improved quality of life, created new ratables, enhanced public spaces and cleaned up contaminated land. “Our goal at PARA has been to create partnerships and projects that benefit Perth Amboy residents. Along with the Mayor and City Council, we’ve been able to deliver real value and bring in over half a billion dollars in private in- vestment in the past six years alone,” said PARA executive director Annie Hindenlang . “We’re excited to welcome Perth Amboy Self Storage to the neighborhood as a part of these efforts.” MAREJ

Extra Space Storage modern self-storage customer demands, including a state- of-the-art security system, after-hours keypad access,

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