The Hampshire Companies Acquires Connecticut Office Park -- 118-Acre Property Features Crompton Corp. Headquarters Facility
The Hampshire Companies announced the acquisition of the Preston Hill Office Park, a 118-acre corporate park located in Middlebury, Connecticut. Steven Inglese and Tim Fegan of CBREs New Haven, Connecticut office lead the brokerage team that facilitated the transaction.
(PRWEB) June 5, 2004 --The Hampshire Companies announced the acquisition of the Preston Hill Office Park, a 118-acre corporate park located in Middlebury, Connecticut. The park features the worldwide corporate headquarters facility of Crompton Corporation, a New York Stock Exchange-listed company that is a global marketer of specialty chemicals, polymer products and processing equipment.
The property was acquired from Massachusetts-based developer Winstanley Enterprises on behalf of one or more of the Hampshire family of private placement real estate funds, according to Norman A. Feinstein, Senior Vice President of The Hampshire Companies, based in Morristown, New Jersey. The Hampshire family of funds includes several private real estate investment funds, the investment strategies of which concentrate mainly on the acquisition and operation of retail, industrial and office properties.
Steven Inglese and Tim Fegan of CBREs New Haven, Connecticut office lead the brokerage team that facilitated the transaction.
The Preston Hill Office Park is situated in the Corporate Woods section of Central Connecticut, which also serves as home to a number of other corporate campus facilities, including IBM, ESPN, Timex, The Hartford, Pitney Bowes, Duracell, NASDAQ, and Boehringer. The Crompton facility consists of 318,000 square feet of office, research and development space, set amongst an abundance of trees in a true campus-like setting in a 118-acre park. Much of the property is presently undeveloped, and is attractively zoned for further development, due to its ideal location. Over the past several years, Crompton has consolidated a number of its facilities into this location.
We are delighted to make this acquisition and to become a key corporate neighbor in Middlebury," noted Feinstein This acquisition is just one of several that we will be announcing over the next few months, but it is particularly illustratrative of our core strategy of acquiring quality buildings and properties that have the potential to produce substantial income for our investors, and to efficiently and effectively manage them to achieve maximum return."
The Preston Hill Office Park provides superior highway access in a desirable suburban Connecticut location, and it is only minutes from the Waterbury-Oxford Executive Airport. The park is conveniently and strategically located at a full 4-way interchange at Exit 16 off of I-84, in an area that features the type of amenities and business services befitting such a prestigious corporate location.
"We are pleased that both brokers and owners in the commercial real estate community in the Northeast continue to assist The Hampshire Funds in identifying promising acquisitions that will yield substantial return for our investors," noted Feinstein. "We view this region of Connecticut as extremely attractive, and we are actively seeking out additional acquisitions of office, retail and industrial properties here and throughout the Northeast."
The Hampshire Companies operates through commingled, discretionary real estate investment funds. The funds are value-added, investment vehicles targeting industrial, retail and office properties located in the Mid-Atlantic and Northeast regions of the United States. The goal of each of the Funds is to deliver superior, above-market returns to its investors through the acquisition, repositioning and management of investment-grade properties.
The Hampshire Companies, led by its Chairman, Jon F. Hanson, is a third-generation, full-service real estate organization with over 80 years of experience and a mission to create and enhance value from investments in real estate opportunities. The Hampshire Companies' philosophy is rooted in the belief that a steady, conservative investment outlook will allow the company to succeed regardless of underlying economic conditions. Being cautiously opportunistic, the firm consistently realizes returns higher than industry standards by creating and capitalizing on opportunities untapped by the market. The company operates a diversified national portfolio of properties totaling over 15 million square feet. Additional information on The Hampshire Companies and its funds is available online at www.hampshireco.com.
Media contact: Jason Ledder, R&J Group, 973-331-1070.
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