(PRWEB) May 13, 2005
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1 billion, today announced the acquisition of 30 Wesley Street in South Hackensack, NJ, three interconnected industrial buildings totaling 240,000 square feet on 9.1 acres. The acquisition, valued at approximately $18.4 million, was made through Hampshire Partners Fund VI.
30 Wesley Street is strategically and conveniently located just off of Interstate 80, near both the New Jersey Turnpike and the Garden State Parkway in Bergen County, New Jersey. It is 10 minutes from the George Washington Bridge, providing an excellent location for warehousing and distribution users, and 5 minutes from Teterboro Airport, the premier executive jetport in the New York metropolitan area.
ÂHampshire Partners Fund VI purchased this low occupancy asset due to its advantageous pricing and strategic location in a market with limited vacancy and strong demand for small warehouse space,Â noted Norman A. Feinstein, Executive Vice President of the Hampshire Companies. ÂOur vision is to significantly improve the property and substantially upgrade the landscaping and reposition it in the marketplace to make it extremely attractive to high-end industrial users.Â
ÂWe 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,Â added Feinstein.
Hampshire Partners Fund VI is capitalized 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.
ÂWith this acquisition, Hampshire Partners Fund VI is now roughly 40% invested,Â said Feinstein, who noted that, with the target leverage set at 60% to 65%, the Fund will be acquiring approximately $350 million of additional real estate over the balance of its three-year investment period.
ÂWe remain in an extremely competitive position relative to our competitors, in that we have discretionary capital at our fingertips that allows us to quickly commit to opportunistic real estate investments in our core markets,Â continued Feinstein.
The Hampshire Companies is noted for its strategic vision and superior execution. ÂWe have built our firm on the belief that real estate is both an art as well as a science,Â said James E. Hanson II, President and Chief Executive Officer of The Hampshire Companies. ÂOur strategic vision Â the Âart,Â so to speak, allows us to seek out superior investment opportunities for our funds, and to visualize opportunities where others see only challenges. The ÂscienceÂ is revealed in our ability and resources to execute on our strategic vision faster and with better results than most other real estate firms.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.
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