Morristown, NJ (PRWEB) August 29, 2006
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1.5 billion, today announced the acquisition of a 108,400 square foot industrial/warehouse building at 200 North Street in Teterboro, NJ. The acquisition was made on behalf of Hampshire Partners Fund VI, Hampshire’s institutional real estate investment fund.
The 200 North Street property is fully-leased, but will shortly be vacated by its current tenant and previous owner, Party Rental, LTD., a major party rental company. Once vacated, Hampshire’s strategy is to completely renovate and modernize the space, raise the roof to 36-foot clear ceiling height, and to reposition the property as a Class-A warehouse property.
The building sits on approximately 6.10 acres in this important and strategic Bergen County, New Jersey, location. The property is located between I-80 and Route 46, just two blocks from Teterboro airport, the New York metropolitan area’s premier executive and corporate jetport, with easy access to the New Jersey Turnpike, Garden State Parkway, and the George Washington Bridge.
“This property was particularly attractive to Hampshire Partners Fund VI because of its superior location in desirable Bergen County and our ability to quickly renovate it to a superior Class-A warehouse in a dynamic business hub,” noted Norman A. Feinstein, Executive Vice President of the Hampshire Companies. “Our vision is to move quickly to add value to this asset so that it generates a substantial return for our investors.”
Andrew Somple, Senior Vice President of NAI James E. Hanson represented Hampshire Partners Fund VI in the transaction, while the seller was represented by Robert C. Kossar and David E. Knee, Executive Vice Presidents, and Chris Hile, Vice President, all of Lee & Klatskin Associates.
“This property ties in well with Hampshire’s acquisition strategy, in that they were able to acquire well-located industrial facility, just off I-80 at Exit 65, in one of the lowest tax value municipalities in Bergen County,” noted Somple. “The property offers significant infrastructure, including ample car and truck parking, and should be a very valuable addition to the Hampshire Partners Fund VI portfolio.”
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.
“The 200 North Street is indicative of our overall acquisition and investment strategy, which is to actively seek out well-located facilities that are attractive to, or currently under lease to, investment-grade tenants, and add value so that our investors realize superior, above market returns,” added 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.
# # #