Morristown, NJ (PRWEB) July 25, 2006
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1.5 billion, announced today the acquisition of a single story, 58,500 square foot office/laboratory building located at 15 Mercedes Drive in Montvale, New Jersey. The acquisition was made on behalf of Hampshire Partners Fund VI, Hampshire’s $235 million institutional investment fund.
The 15 Mercedes Drive property is superbly located on approximately six acres at the heart of one of Bergen County, New Jersey’s prime commercial and office locations. With direct access to the Garden State Parkway and proximity to the Palisades Interstate Parkway, I-287, and Manhattan via either the Tappan Zee or George Washington Bridges, 15 Mercedes Drive is conveniently located.
The property offers a number of highly desirable features and amenities that make it ideal for a single-user, including a full-service cafeteria, access to nearby shopping, hotels, restaurants and retail, and secure, on-site management. As the facility is one-story, it has the flexibility to accommodate a number of different types of potential users. Corporate neighbors include BMW, Mercedes-Benz North America, Sony and Hertz.
The 15 Mercedes Drive property was purchased from Campus Associates, L.P. Jeff Kolodkin and Len Suskin of Grubb and Ellis represented the seller, while Gregg Kelman of GK Realty Services represented the buyer in the transaction.
“This acquisition has tremendous upside potential for our investors,” said Norman A. Feinstein, Executive Vice President of The Hampshire Companies. “We were able to purchase the property for well below replacement cost in one of the top headquarters destinations in Northern New Jersey. We plan an aggressive multi-pronged marketing, renovation and re-positioning strategy to attract a long-term tenant on a net lease basis.”
Hampshire Partners Fund VI is committed to delivering superior, above-market returns to its investors through the acquisition, repositioning and operation of quality investment properties. The emphasis of investment for this value-add fund is on industrial, retail and suburban office property 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.
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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