Hampshire Partners Fund VII acquires Raia portfolio

The Hampshire Cos. has acquired the Raia Self Storage portfolio totaling 578,334 s/f. 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, as well as Central Valley and Poughkeepsie, N.Y., total 410,334 s/f 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 s/f."