West Orange, NJ (PRWEB) December 9, 2007
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1.5 billion, together with Paragon Realty Group announce the acquisition of a 175,000-square-foot building located at 375 Mount Pleasant Avenue in West Orange, N.J., formerly the Organon USA research and development building. Hampshire's interest was made on behalf of Hampshire Partners Fund VII, Hampshire's recently launched $350 million institutional real estate investment fund.
375 Mount Pleasant Avenue is situated in a prime location at a full interchange of Interstate 280 with easy access to the Garden State Parkway and Route 10. The joint venture intends to upgrade and reposition the facility as an approximately 100,000-square-foot premier medical office building. The property also features close proximity to area hospitals including Saint Barnabas Medical Center and Mountainside Hospital.
"It is with great pleasure that we embark on this joint venture with a quality firm such as Paragon Realty Group," said Norman A. Feinstein, Executive Managing Director of The Hampshire Companies. "This acquisition and partnership will offer great opportunities to our investors as well as to potential tenants and 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.