The Hampshire Partners Fund VI Acquires 377,587 Square Foot 7-Building Portfolio in Piscataway, New Jersey
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 seven buildings located near I-287 in Piscataway, New Jersey. The acquisition totaled 377,587 square feet, and was valued at approximately $29.8 million.
(PRWEB) October 21, 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 seven buildings located near I-287 in Piscataway, New Jersey. The buildings consist of 214,605 square feet of office, 91,320 square feet of industrial and 71,662 square feet of R&D space, totaling 377,587 square feet on over 46 acres. The acquisition, valued at approximately $29.8 million, was made through Hampshire Partners Fund VI, a commingled, discretionary value-added real estate investment fund managed by Hampshire. The seller was Blumenfield Development Group.
The Piscataway Portfolio is strategically located near I-287 and the New Jersey Turnpike in Middlesex County, New Jersey. The seven properties, located at 275 Centennial Road, 240 Centennial Road, 140 Centennial Road, 10 Knightsbridge Road, 81 Kingsbridge Road, 80 Kingsbridge Road and 20 Kingsbridge Road, are partially leased with plans for major capital improvements including exterior upgrades, roof replacements, substantial landscaping, HVAC and building system upgrades, and possible building expansions in the future. Current tenants include Cablevision, Rutgers R & D, Enzon and others that lead a prestigious tenant base.
The transaction was co-brokered by James Gunning, Senior Director of CB Richard Ellis/L.J. Melody in Saddle Brook, NJ, and Jamie Weis, President of Weis Realty in Moonachie, NJ.
“We are thrilled to be a part of the growing community of Piscataway while providing best-of-class office, R&D and warehouse space for current and future tenants,” says Norman A. Feinstein, Executive Vice President of the Hampshire Companies. “With our planned upgrades and expansion, as well as superior management services, these premier properties offer an incredible value for the Township of Piscataway, our tenants and investors.”
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.
“Our goal is to modernize the properties’ appearances and convert part of the existing space into additional R&D and warehouse space to suit the needs of our present tenants and to add value for our future tenants,” added Feinstein. “As a company, we will continue to seek these opportunistic real estate investments in core, desirable markets to remain competitive in the marketplace and deliver above market returns for our investors.”
With this acquisition, along with other properties, the Hampshire Partners Fund VI will have approximately $300 million invested and has targeted an additional $300 million of acquisitions over the next 12 to 18 months.
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 www.hampshireco.com.
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