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Hampshire Partners Fund VII Acquires Raia Self Storage Portfolio Totaling 578,334 SF
The Hampshire Companies has purchased five existing facilities and two development sites from Raia Self Storage on behalf of Hampshire Partners Fund VII, Hampshire's $350 million institutional real estate investment fund. The portfolio totals 578,334 SF.
The existing facilities, located in Mahwah, Montville and Hackettstown, N.J. as well as Central Valley and Poughkeepsie, N.Y., total 410,334 square feet and will be re-flagged to operate under the Hampshire Self Storage name. The two development sites are located in Denville and Hillsborough, N.J.
The Hampshire Companies also have self storage facilities in Newark, N.J., New Brunswick, N.J., Berkley Heights, N.J., and Puerto Rico.
"This portfolio provided us with several superior, state-of-the-art facilities in prime locations" said Todd Anderson, a Principal of The Hampshire Companies. "The five existing facilities have strong operating histories with above-market occupancy levels and strong rental rates. This acquisition allows us to further strengthen the Hampshire's Self Storage brand and brings our self-storage portfolio to over 10,000 units and 1 million square feet."
The Hampshire Companies is a private real estate investment fund manager based in Morristown, New Jersey.
