(PRWEB) August 5, 2005
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1 billion, announced that Philips Electronics North America has renewed its lease for ten years at its Roxbury, New Jersey location, while concurrently agreeing to lease an additional 166,000 square foot expansion of the building. The property is part of The Hampshire Partners Fund VI portfolio.
The building, located at One Philips Drive, is currently a 234,000 square foot industrial warehouse/distribution facility on 75 acres of property. The planned expansion will create a 400,000 SF facility, with state-of-the-art warehousing and distribution features, including 36-foot clear ceilings and a customized loading dock configuration. The expansion is slated for a first quarter 2006 completion.
ÂWe are delighted that Philips Electronics sees the value in expanding its operations at this superb facility,Â said Norman A. Fenistein, Executive Vice President of The Hampshire Companies. ÂWhen Philips purchased Gemini Electronics, they evaluated this lease and obviously saw the merit in not only continuing to operate out of this building, but to work with us on an expansion that will meet their needs for years to come.Â
Additionally, Feinstein noted that approvals have been secured for a future expansion of the facility by an additional 166,000 at a later date.
The Philips Building is strategically and conveniently located just off of US Route 46, with close proximity to Interstate 80 and easy access to both the New Jersey Turnpike and Garden State Parkway.
ÂThis transaction highlights the success and philosophy of The Hampshire Partners Fund VI, in that we actively seek out well-located facilities that provide value add opportunities and put our extensive expertise and resources to work to the benefit of our lease tenants, allowing us to maximize returns for our investors,Â commented 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 '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.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
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