Morristown, NJ (PRWEB) August 5, 2009
The Hampshire Companies, a full-service, private real estate investment fund manager with equity in assets valued at more than $2 billion, has announced the acquisition of Raia Self Storage portfolio totaling 578,334 square feet. The five existing facilities and two development sites were purchased from Raia Self Storage on behalf of Hampshire Partners Fund VII, Hampshire's $350 million institutional real estate investment fund.
The 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.
"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 also have self storage facilities in Newark, N.J., New Brunswick, N.J., Berkley Heights, N.J., and Puerto Rico. To learn more about Hampshire Self Storage please visit http://www.hampshireselfstorage.com.
About Hampshire Partners Fund VII:
Hampshire Partners Fund VII is a commingled, discretionary value-added real estate investment fund. The goal of Hampshire Partners Fund VII is to deliver superior, above-market returns to its investors through the acquisition, repositioning and operation of investment-grade properties in attractive locations. The focus of investment for this value-add fund is on industrial, retail and suburban office products located in the growth corridors of the Northeast and Mid-Atlantic.
About the Hampshire Companies:
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 http://www.hampshireco.com.
R&J Public Relations