Morristown, NJ (PRWEB) November 7, 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 sale of the 62,000 square-foot Newburgh Crossing property, a retail shopping center in Newburgh, New York that was a joint venture of the Hampshire Generational Fund and Goddard Development Partners, LLC, of Mountainville, NY. The sale was made to Inland Real Estate Acquisitions, Inc., of Oak Brook, Ill, one of the nation’s largest commercial real estate companies.
Jeffrey R. Dunne, Vice Chairman of CB Richard Ellis represented the joint venture partners in the transaction. The sale price was listed at $15.3 million.
The retail property features several prominent stores including a Barnes & Noble, Michaels, Pier One and a TGI Friday’s. A Lowe’s Home Center anchors the center, but was not included in the sale. The four retail units sit on over seven acres.
Located in one of New York’s most visible shopping locations, Newburgh Crossing is situated in a prime location near the intersections of Routes 300 and 174, at exit 17 off the New York State Thruway.
“The Hampshire Companies, recognizing a demand for additional high-end retail space in the Newburgh area, acquired the land in 2004, and promptly undertook plans to provide a multi-use retail space in a highly visible location,” commented Norman A. Feinstein, Executive Vice President of The Hampshire Companies. “This sale demonstrates The Hampshire Companies’ ability to identify qualified and professional joint venture partners and quickly close on opportunities that generate maximum returns for our investors in both the short and long terms.”
The Hampshire Generational Fund, LLC is a commingled, discretionary value-added real estate investment fund. The goal of the Fund is to deliver superior, above-market returns to its investors through the acquisition and operation of industrial, retail, and office product as well as an investor in other real estate funds.
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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