(PRWEB) June 29, 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 a 112,500 square foot industrial/ warehouse building at 54 East Indian lane in Montville, NJ. The acquisition, valued at approximately $7.4 million, was made through Hampshire Partners Fund VI.
The 54 East Indian Lane property is a fully-leased warehouse facility on approximately 10.4 acres in prestigious Morris County, New Jersey, strategically and conveniently located just off of Interstate 80, near I-287, with easy access to both the New Jersey Turnpike and the Garden State Parkway. The property is under lease to the Phoenix Marketing Group, a wholly-owned subsidiary of Express Scripts, Inc. (Nasdaq: ESRX).
ÂThis property was particularly attractive to Hampshire Partners Fund VI because of its existing lease with a very credit-worthy tenant, as well as its strategic location in a market with limited industrial vacancy,Â noted Norman A. Feinstein, Executive Vice President of the Hampshire Companies. ÂOur vision is to provide superior facility and property management to increase the value to the tenant, with the aim of retaining them within the building beyond lease expiration in 2008.Â
ÂThe 54 East Indian Lane property fits extremely well within our overall acquisition and investment strategy, which is to actively seek 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.
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 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 almost 50% invested,Â said Feinstein, who noted that, with the target leverage set at 60% to 65%, the Fund will be acquiring over $300 million of additional real estate over the balance of its three-year investment period.
ÂWe remain in an extremely strong 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 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.
Media Contact: John Lonsdorf, R&J Public Relations, (908) 722-5757, Jlonsdorf@RandJpr.com
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