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The Hampshire Companies Announces Sale of Three New Jersey Self-Storage Facilities
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Added: 09/27/2005
Type: Summary
Viewed: 441 time(s)
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The Hampshire Companies Announces Sale of Three New Jersey Self-Storage Facilities
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1 billion, today announced the sale of three of its self-storage facilities, in Fort Lee, Union and Watchung New Jersey. The sale was made to The Dahn Corp. of Irvine, California, a privately-held firm which currently owns and manages over 90 self-storage facilities nationwide. The aggregate sale price was reported at $38.3 million.
The Hampshire Companies developed each of these assets within the past six years, and have actively managed them under either the Storage Post or the Storage USA brand. The Union and Watchung Storage Post facilities were joint venture developments with Slayton Development of Bridgehampton, New York, and the Fort Lee facility was a joint venture with a partnership controlled by J. Fletcher Creamer, Sr. All three are modern, climate-controlled facilities which offer safe and secure off-site storage for household, personal, or business belongings.
Each of these self-storage facilities will be re-branded by The Dahn Corp. under their flagship Mini-U-Storage.
The Fort Lee facility is located on Route 46, and consists of approximately 118,000 square feet of space. Prior to the sale, it was operated under the Storage USA flag.
Both the Union and Watchung facilities are located on Route 22, and were operated under the Storage Post brand. The Union facility consists of approximately 106,000 square feet of space, while the Watchung facility consists of approximately 99,000 square feet.
"The disposition of these properties is illustrative of the strategy of The Hampshire Companies, which is to develop or acquire quality properties and to position them in the marketplace to generate maximum return for our investors," said William A. Scully, Executive Vice President of The Hampshire Companies.
Hampshire continues to own and operate a Storage Post facility in North Brunswick, New Jersey at the Route 1/Route 130 traffic circle, and has four self-storage properties in various stages of development and operation in Puerto Rico.
The Hampshire Companies is a full-service, private real estate investment fund manager 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 in order to consistently outperform the market. Additional information on The Hampshire Companies and its funds is available online at www.hampshireco.com.
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