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Morristown-based The Hampshire Cos. and Harrison Street on Tuesday announced a joint venture partnership to develop institutional-quality self-storage facilities along the I-95 corridor from Washington D.C. to Boston, Mass.
Hampshire and Harrison Street also announced the first investment of the programmatic joint venture: The ground-up development of a seven-story self-storage facility along Interstate 95 in Providence, R.I., which is expected to break ground in the first quarter of 2019.
Bringing together one of the nation’s most experienced self-storage development teams and a leading alternative investment firm, this joint venture partnership will allow Hampshire and Harrison Street to successfully develop modern, institutional-quality self-storage facilities strategically located in a major transportation corridor along the East Coast of the United States, the companies said.
“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 chief executive officer of The Hampshire Cos.
“Our strategic programmatic partnership with Harrison Street provides us with a unique opportunity to successfully deploy capital into an increasingly competitive marketplace. It also enables our team to build upon our track record of success and pursue additional self-storage development opportunities over the next several years,” he added.