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MAHWAH, NJ-Five self-storage facilities totaling 410,330 square feet here and in Montville and Hackettstown, NJ; and Central Valley and Poughkeepsie, NY have been sold along with two development sites to the Hampshire Cos. for its Hampshire Fund VII. Jeffrey Dunne of CB Richard Ellis’s New York Institutional Group worked with Steve Hryszko of the firm’s Self Storage Advisory Group to represent the seller, Raia Self Storage, and procure the buyer.

Dunne, who is a vice chairman in the firm’s Stamford, CT office, tells GlobeSt.com that the deal was closed in two phases and took more than a year to complete. The sale of the five properties closed in late 2008, while the sale of the two development parcels–a 7.7-acre site in Denville and 3.5 acres in Hillsborough–was finalized this month. Dunne declined to release the sale price.

According to Dunne, the long time frame to close the deal was due to the need to get approvals from the towns so that the buyer can now develop self-storage properties on the development sites. “The new owner was buying them conditional on obtaining certain approvals. Those approvals have been given, which enabled us to close earlier this month,” Dunne says.

Without giving specifics, Dunne said the buyer paid a “market price” for the properties. He says the buyer used cash and debt to buy the properties, but paid all cash for the development parcels. “Indoor storage is relatively hard to finance as is anything now,” Dunne states. “And to get a development deal finished is a challenge in today’s world.”

Todd Anderson, a principal at Hampshire, said in a statement that the properties will operate under the Hampshire Self Storage brand. The acquisition brings the company’s self storage holdings to 10,000 units totaling one million square feet.

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