Hampshire Funds Opens 223,000 SF of Storage Space

MORRISTOWN, NJ-Hampshire Self Storage Fund LLC, managed by the Hampshire Cos. based here, is adding two new self-storage facilities to its list of assets. For one, the self-managed investment fund has just finished construction and opened Storage Post/Watchung, a 98,850-sf project in Watchung, NJ, adjacent to the Watchung Commons Shopping Center on US Route 22. The facility was done in a joint venture with Slayton Development of Garden City, NY.

And the same two joint venture partners have just started construction for another Storage Post facility, this one on US Route 1 in North Brunswick, NJ. The asset, which will have a total of 124,500 sf of space, is slated for completion in the fall of 2004.

Hampshire Self Storage Fund generally does its projects with strategic alliance partners, according to Norman A. Feinstein, president of the fund. “In Jersey for example,” Feinstein points out, “Slayton Development is our primary joint venture partner. In the Puerto Rico marketplace, on the other hand, where we are currently developing four different locations, our joint venture partner is Caribbean Self Storage Inc.

“The Storage Post facilities are representative of the type of projects that the fund is undertaking,” Feinstein continues. “In order to provide our investors with an above-market return, we have selected and will continue to select top sites located on major roadways with strong demographics.”

The Hampshire Cos., led by chairman Jon F. Hanson, is a third-generation organization that dates back some 80 years. The company currently operates a diversified national portfolio totaling more than 14.7 million sf.