Morristown, New Jersey-based The Hampshire Companies has acquired a 98,170-square-foot self-storage facility in Berkley Heights, New Jersey. The acquisition, made through the firm’s $350 million (€225 million) Hampshire Partners Fund VII, was purchased from Tuckaway Mini Storage. Financial terms of the deal were not disclosed.
The facility is located close to major area highways including the I-78, I-287 and US Route 22 and comprises a three-story building featuring 661 climate-controlled self-storage units. It has a total of 51,171 square feet of rentable space. The acquisition was an “ideal” investment for Hampshire, according to executive managing director Norman Feinstein in a statement, who added that the property was located in an area with “excellent area demographics” and further development opportunities.
Hampshire Partners Fund VII is the firm’s seventh closed-end fund. The vehicle targets value-add opportunities in the industrial, retail and suburban office space in the Northeast and Mid-Atlantic US.