(PRWEB) April 21, 2005
The Hampshire Companies, a private real estate funds manager, has purchased a development site on which an 80,000 sq. ft. single-tenant retail building is now under construction, in Rockaway, New Jersey. The building is pre leased to a national retailer, and is projected to open for business in First Quarter 2006. The acquisition, made on behalf of Hampshire Partners Fund VI, is valued at approximately $9,000,000.
The property is conveniently situated adjacent to the Rockaway Townsquare Mall, a regional mall in Northwest New Jersey, offering great accessibility in a prime location, just off Interstate 80 at Exit 35.
"Rockaway Townsquare Mall is the signature retail location in Northwest New Jersey,Â said Norman A. Feinstein, Executive Vice President of the Hampshire Companies. ÂWe are delighted with this acquisition, especially because a long-term lease is in place with a high credit tenant.Â
Hampshire Partners Fund VI is a commingled, discretionary value-added real estate investment fund, and the sixth fund to be closed by Hampshire. The Fund completed its capitalization in late 2004, raising $235 million from 15 investors, including endowments, foundations, insurance companies and public and private pension funds. 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 investment focus for this value-add fund is on industrial, retail and suburban office product located in the growth corridors of the Northeast and Mid-Atlantic states.
ÂThis acquisition is illustrative of Hampshire Partners Fund VIÂs investment strategy, namely to acquire and operate superior, investment-grade properties in our target geographic markets, so that we can deliver above-market returns to our investors,Â noted Feinstein. ÂThe Fund remains active in seeking additional acquisitions throughout its targeted markets.Â
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 http://www.hampshireco.com.
R&J Public Relations, LLC