New Providence, NJ (PRWEB) December 2, 2007
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1.5 billion, has announced the acquisition of a 47,150-square-foot industrial/ manufacturing building located at 691 Central Avenue in New Providence, N.J. from Aircast, LLC. The acquisition was made on behalf of Hampshire Partners Fund VII, Hampshire's recently launched $350 million institutional real estate investment fund.
Hampshire plans to add value to the asset by converting the vacant building into class-A office space. Recently completed upgrades include a new façade and new window lines.
"691 Central Avenue offers a prime location for class-A office space," said Norman A. Feinstein, Executive Managing Director of The Hampshire Companies. "The building's close proximity to Routes 78 and 22 strategically places it within Union County's office marketplace. Once the repositioning is complete, the facility will be ideal for a number of corporate users."
About Hampshire Partners Fund VII
Hampshire Partners Fund VII is a commingled, discretionary value-added real estate investment fund. The goal of Hampshire Partners Fund VII is to deliver superior, above-market returns to its institutional investors through the acquisition, repositioning and operation of investment-grade properties in attractive locations. The focus of investment for this value-add fund is on industrial, retail and suburban office products located in the growth corridors of the Northeast and Mid-Atlantic.
About The Hampshire Companies
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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