Bridgewater, NJ (PRWEB) August 30, 2005
The Hampshire Companies, a full service, real estate investment fund manager with equity in assets valued at over $1 billion, announced the acquisition of 440 Eagle Rock Avenue in Roseland, NJ, an 84,564 square foot industrial building. The acquisition, made on behalf of Hampshire Partners Fund VI, is valued at approximately $5 million.
The building offers immediate access to Interstate 280, with proximity to I-80, the Garden State Parkway and the New Jersey Turnpike. It is prominently positioned on Eagle Rock Avenue, one of the primary suburban thoroughfares in this desirable Essex County business community.
"We became aware of this opportunity through our broad network of real estate affiliates who continue to bring us opportunistic deals," said Norman A. Feinstein, Executive Vice President of The Hampshire Companies. "Because of our strong cash position and ability to undertake the due diligence process expeditiously, we were able to quickly close on the property, which was attractive to the seller."
The building is currently leased to Cosmetic Essence, Inc., a leading contract manufacturing and packaging corporation headquartered in Holmdel, New Jersey, with seven manufacturing and distribution facilities located in New Jersey, Virginia and Pennsylvania. The building is formerly the corporate headquarters and main distribution facility for AFI, a regional food distributor.
"With this acquisition, along with other properties that we are about to close, Hampshire Partners Fund VI will have approximately $300 million invested," said Feinstein, who added that The Fund has targeted an additional $300 million of acquisitions over the next 12 to 18 months. "We remain in an extremely competitive position relative to our competitors, in that we have readily available discretionary capital that allows us to quickly commit and close on opportunistic real estate investments in our core markets," 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.
R&J Public Relations, LLC
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