The Hampshire Cos. has delivered a new 697-unit self-storage at 900 State St. in Perth Amboy — Courtesy: Hampshire
By Joshua Burd
The Hampshire Cos. has completed the latest addition to its ever-growing self-storage portfolio, debuting a new 697-unit facility along a major thoroughfare in Perth Amboy.
The Morristown-based firm said the building, located at 900 State St., spans 94,600 square feet with modern features such as a security system, after-hours keypad access, two elevators and full climate control for interior units. Extra Space Storage operates the facility.
“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 approach to development,” said James E. Hanson II, Hampshire’s CEO and president. “Through our time-tested strategic development platform and unparalleled experience in bringing institutional quality self-storage assets to high-barrier-to-entry markets, we continue to be uniquely positioned to deliver in-demand spaces like our Perth Amboy facility amidst any market conditions.”
Hampshire has now developed 46 Extra Space Storage facilities across the eastern U.S., the firm said. Since 2012, it has repositioned or developed 42 self-storage facilities with an aggregate value of more than $608 million, while it has another four projects underway across New Jersey and New York with a combined $80 million in investment value.
The firm is also is planning four additional projects with an aggregate value of $68 million, according to a news release. In 2020 alone, Hampshire has delivered nine self-storage projects to markets along the Interstate 95 corridor.
It has built that pipeline thanks to strong market conditions and in partnership with two of the nation’s leading self-storage operators, Extra Space and CubeSmart. And despite the economic fallout of the pandemic, the firm said there has been minimal fundamental changes to the underlying, long-term drivers of self-storage sector.
Hampshire built its latest project, which incorporates historically referential architecture, with cooperation from the Perth Amboy Redevelopment Agency.
“Our goal at PARA has been to create partnerships and projects that benefit Perth Amboy residents,” said Annie Hindenlang, the agency’s executive director. “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 investment in the past six years alone. We’re excited to welcome Perth Amboy Self Storage to the neighborhood as a part of these efforts.”