The Hampshire Companies celebrated the ribbon cutting of its 37th Extra Space Storage facility on October 12, 2017. The 100,000-square-foot, 916-unit self-storage facility was developed by The Hampshire Companies and joint venture partner, First Westwood Realty. The facility located at 15 Madison Avenue in Westwood, N.J will be managed by Extra Space Storage. Since 2012 Hampshire has repositioned and developed 52 self-storage facilities with an aggregate value of over $585 million.
Hampshire has a storied history in the self-storage marketplace first entering the space in the late 1990s as a Storage USA franchisor, then as a developer and now as an owner and operator. Today the company has a longstanding, strategic partnership with Extra Space Storage, a leading public storage REIT, which manages dozens of facilities in Hampshire’s robust self-storage portfolio spanning the I-95 corridor from New England to Virginia and select markets in Florida. Over the next few years, Hampshire expects its relationship with Extra Space Storage to reach over 50 deals with an aggregate value of over $750 million for projects that Hampshire currently has in various asset life cycle stages.
Company executives were joined on October 12, 2017 by Mayor John Birkner, Jr., Council President Chris Montana, and council members for the ribbon cutting ceremony of the new Westwood facility.
“Our plan is always the same,” said Jon F. Hanson, Founder and Chairman of The Hampshire Companies. “High barrier to entry is where we want to be. Our goal is to create the best-looking building we can. If someone looked at this building they would probably think it was an office building or a residential building if it wasn’t for the Extra Space sign. One thing is for sure, it’s a far cry from the traditional self-storage model of three walls and a garage door.”
The facility is strategically located in the heart of Westwood’s historic downtown on Madison Avenue between Washington Avenue (County Road 502) and Irvington Street, adjacent to the new Eleven Madison Park apartments. The property is also conveniently located near several other apartment complexes including Westwood Hills, Westwood’s retail center and Westwood’s single family residential neighborhoods.
In keeping with the aesthetic of downtown Westwood, the property was designed to have a residential and retail appearance with a brick façade and conforming design feature often not seen in self-storage buildings. The interior was designed with the needs of the modern self-storage customer in mind and includes a state-of-the-art security system, 24/7 access, elevators, full climate control and covered loading area. The facility was designed by SNS Architects.
“Because of our long-time presence in Westwood as both a developer and commercial property owner and manager, we were especially sensitive to how this project would be integrated into the community at large as well as Westwood’s period Central Business District,” said Bruce Meisel, CEO of First Westwood Realty which has its offices in downtown Westwood. “I appreciate the opportunity to work with The Hampshire Companies and Extra Space Storage, both of whom were sensitive to adopting the unique design that seamlessly fit in to the aesthetics of the downtown while at the same time providing a modern self-storage experience operated by a premier company.”
“It is a great complement for the Extra Space Storage team to be selected to manage this first-class facility in a great community,” said Noah Springer, Senior Vice President of Asset and Third Party Management for Extra Space Storage. “We have had a great relationship with The Hampshire Companies for a number of years, and we are excited to add another high-quality store to our best-in-class platform.”
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About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust and a member of the S&P 500. As of September 30, 2017, Extra Spaces owned or operated 1,513 stores, which comprise approximately 1,030,000 units and 114 million square feet of rentable space offering customers conveniently located and secure storage solutions, including business storage. Extra Space Storage is the second-largest owner and/or operator of self-storage properties and is the largest self-storage management company in the United States. For more information, visit www.extraspace.com.