The Hampshire Companies and Westwood Realty recently celebrated the ceremonial ribbon cutting of its 37 Extra Space Storage facility in Westwood. The facility, a 100,000-square-foot, 916-unit self storage property located at 15 Madison Ave., was opened by Westwood Mayor John Birkner Jr. and Council President Chris Montana.
“Our plan is always the same,” Jon Hanson, chairman of The Hampshire Cos., said. “High barrier to entry is where we want to be. Our goal is to create the best-looking building we can. If someone looked at this building they would probably think it was an office building or a residential building if it wasn’t for the Extra Space sign. One thing is for sure, it’s a far cry from the traditional self storage model of three walls and a garage door.”
Hampshire first became part of the self storage facilities market as a Storage USA franchiser in the late 1990's. Since 2012, the company has repositioned and developed 52 self storage facilities with an aggregate value of $585 million.
Hampshire said its long standing relationship with Extra Space Storage, a public REIT, has allowed it to expand its portfolio from New England to Virginia.
The facility located at 15 Madison Ave., Westwood, is located near Westwood Hills, Westwood’s retail center and several single family residential neighborhoods.
“It is a great complement for the Extra Space Storage team to be selected to manage this first-class facility in a great community,” Noah Springer, senior vice president of asset and third-party Management for Extra Space Storage, said. “We have had a great relationship with The Hampshire Companies for a number of years, and we are excited to add another high-quality store to our best-in-class platform.”
Over the next few years, Hampshire expects to complete over 50 deals with Extra Space Storage and reach an aggregate value of over $750 million.