WESTWOOD, NJ—After entering the self-storage marketplace in the late 1990s, first as a Storage USA franchisor, then as a developer and now as an owner and operator, The Hampshire Companies has grown a significant portfolio of self-storage properties, adding its 37th Extra Space Storage facility earlier this month. Hampshire has repositioned and developed 52 self-storage facilities with an aggregate value of over $585 million.
Hampshire developed the 100,000-square-foot, 916-unit self-storage facility at 15 Madison Avenue, Westwood, NJ, with a joint venture partner, First Westwood Realty, and it will be managed by Extra Space Storage.
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 portfolio spanning the I-95 corridor from New England to Virginia, with select markets in Florida. Over the next few years, Hampshire says its relationship with Extra Space Storage will reach more than 50 deals with an aggregate value of more than $750 million for projects in various asset life-cycle stages.
“Our plan is always the same,” says 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 Westwood facility is strategically located in the heart of the 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.
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 property 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,” says 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,” says 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.”