The Hampshire Companies Reports Sale of 181,000 Sq. Ft. Industrial Building in Cherry Hill, NJ
The Hampshire Companies, a full service, private real estate investment fund manager, announced the sale of a 181,000 sq. ft. industrial building in Cherry Hill, N.J. to Brown Pelican, LLC. The sale yielded $8,600,000 for Hampshire Partners Fund VI.
(PRWEB) February 25, 2005 -- The Hampshire Companies, a full service, private real estate investment fund manager, announced the sale of a 181,000 sq. ft. industrial building in Cherry Hill, N.J. to Brown Pelican, LLC. The sale yielded $8,600,000 for Hampshire Partners Fund VI, a commingled, discretionary value-added real estate investment fund, and the sixth fund to be closed by Hampshire.
The property is a multi-tenant industrial building located at 7 Easterbrook Lane in the Cherry Hill Industrial Park. It is located in an outstanding, strategic location just off of the New Jersey Turnpike and Interstate 95, with ready access to Interstate 295, in a strong industrial corridor in suburban Philadelphia.
Hampshire Partners Fund VI is a value-add fund that is constantly seeking opportunities in the marketplace," said Norman A. Feinstein, Executive Vice President of the Hampshire Companies. We are pleased to work with Brown Pelican in completing this transaction which should benefit both organizations."
The goal of Hampshire Partners Fund VI 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 properties located in the growth corridors of the Northeast and Mid-Atlantic. The Fund continues to actively seek additional acquisitions throughout its targeted markets.
With our present pipeline, we expect Hampshire Partners Fund VI to 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. Our present liquidity puts us in an extremely competitive position that allows us to quickly commit to opportunistic and value-add real estate investments in our core markets," noted 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.
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