The Hampshire Partners Fund VI Announces Acquisition of Solo Cup Manufacturing Facility in Massachusetts
The Hampshire Companies announced the acquisition of a 248,500 sq ft industrial building in North Andover, Massachusetts, currently fully-leased to the Solo Cup Company. The acquisition, valued at approximately $18.4 million, was made through Hampshire Partners Fund VI.
(PRWEB) February 10, 2005 -- The Solo Cup manufacturing facility, located at 351Holt Road in North Andover, is a single-tenant manufacturing and distribution complex on approximately 15 acres. Located just off of Interstate 495 in this Boston suburb, with ready access to Interstates 95, and 93, the property offers a superior location for distribution throughout New England and into the Middle Atlantic States and Canada. Bostons Logan International Airport and the nearby Lawrence Municipal Airport, as well as convenient Amtrak service, make this well-located facility even more desirable.
The acquisition of the Solo Cup manufacturing facility in North Andover is a crystal clear illustration of The Hampshire Companies investment strategy," said Norman A. Feinstein, Executive Vice President of the Hampshire Companies. We are actively seeking out well-located facilities that are attractive to, or currently under lease to, investment-grade tenants, and add value so that our investors realize above market returns."
Hampshire Partners Fund VI recently completed its capitalization at $235 million of equity. The goal of the Fund is to deliver superior, above-market returns to its investors through the acquisition, repositioning and operation of investment-grade properties. The focus of investment for this value-add fund is on industrial, retail and suburban office product located in the growth corridors of the Northeast and Mid-Atlantic. The Fund is currently very active in seeking additional acquisitions throughout its targeted markets.
With our present pipeline, Hampshire Partners Fund VI should be 40% invested by the end of the Second Quarter of 2005," said Feinstein, who noted that, with the target leverage set at 60% to 65%, the Fund will be acquiring approximately $600 million of real estate during the three-year investment period.
The success of our fundraising efforts puts us in an extremely competitive position relative to our competitors, as it allows us to quickly commit to opportunistic real estate investments in our core markets by having discretionary capital at our fingertips," continued Feinstein.
The Hampshire Companies is noted for its strategic vision and superior execution. We have built our firm on the belief that real estate is both an art as well as a science," said James E. Hanson II, President and Chief Executive Officer of The Hampshire Companies. Our strategic vision -- the 'art, so to speak, allows us to seek out superior investment opportunities for our funds, and to visualize opportunities where others see only challenges. The 'science is revealed in our ability and resources to execute on our strategic vision faster and with better results than most other real estate firms."
The Hampshire Companies is a full-service, private real estate investment fund manager based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments in order to consistently outperform the market. Additional information on The Hampshire Companies and its funds is available online at www.hampshireco.com.
Media Contact:
John Lonsdorf
R&J Public Relations
(973) 331-1070
Jlonsdorf@RandJpr.com
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