West Paterson, NJ (PRWEB) January 19, 2007
The Hampshire Companies (http://www.hampshireco.com), a full service, private real estate investment fund manager with equity in assets valued at over $1.5 billion, recently announced the disposition of One Garret Mountain, the 175,000-square-foot 10-story suburban office building located at One Garret Mountain Plaza in West Paterson, NJ, to Mountain Development Corporation and Meritage Properties. The sale was made on behalf of Garret Mountain Trust, an entity controlled by The Hampshire Companies' Generational Fund, one of the firm's private equity real estate investment funds tailored to high net worth investors.
The highly visible One Garret Mountain Plaza is located at the foot of the Garret Mountain Reservation overlooking I-80 at Exit 56. Conveniently located in Passaic County, the building offers easy access to the Garden State Parkway and the New Jersey Turnpike. PNC Bank along with North Jersey Media Group, publishers of both The Record and the New Jersey Herald News are the lead tenants at this building.
"Since purchasing the building in 1999, we were able to secure major long-term tenants, such as PNC Bank and North Jersey Media Group. Due to the strategic moves that we made during ownership of the building we were able to position the property for sale and once again generate an excellent return for our investors," said Norman A. Feinstein, Executive Managing Director of The Hampshire Companies.
Adds L. Robert Lieb, Chairman of Mountain Development Corp., "The acquisition of One Garret Mountain is a strategic investment for our company, which also owns Three and Five Garret Mountain. This acquisition, which we ventured jointly with Meritage Properties of Scarsdale, NY, will allow us to better serve our tenants, achieve greater economies by managing control over the entire office park, and will allow us to undertake some very exciting improvements to the entire campus which will benefit all three buildings."
Jeffrey Dunne of CB Richard Ellis represented The Hampshire Companies in the transaction.
The Hampshire Generational Fund, LLC, is a commingled, discretionary 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.