The Hampshire Cos., Harrison Street Break Ground on New Jersey Facility
The joint venture is developing a three-story self storage facility in Hillsborough.
141 Route 206. Image courtesy of The Hampshire Cos. and Harrison Street
The Hampshire Cos. and Harrison Street have broken ground on a 120,520-square-foot self storage development in Hillsborough, N.J. The partnership received $10.2 million in construction financing from Branch Banking and Trust Co., according to Yardi Matrix. The facility is slated for completion by February 2020. Extra Space Storage was appointed to manage the asset.
Located at 141 Route 206, the development is situated just off Hillsborough’s retail corridor, near densely populated residential areas. Approximately 110,000 people live within a 5-mile radius, and there is less than 5 net rentable square feet storage space available per person in the area.
The development will also provide convenient access to the campuses of Rutgers University in New Brunswick. Once completed, the three-story storage will occupy 4 acres and will encompass 903, climate-controlled units.
This spring, The Hampshire Cos. and Harrison Street formed teamed up to develop storage facilities along Interstate 95, from Washington D.C. to Boston. The joint venture’s first investment was a seven-story project in Providence, R.I., which will be completed by the end of 2019.
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