Newington, Conn. (PRWEB) March 22, 2008
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 614,600-square-foot industrial/warehouse building located within the Newington Business Park in Newington, Conn. from Newington Business Park, LLC an affiliate of Los Angeles based, IRG LLC. The acquisition was made on behalf of Hampshire Partners Fund VII, Hampshire's $350 million institutional real estate investment fund.
The property is strategically located offering easy access to I-91. Formerly a corporate manufacturing plant, the building was repositioned by the seller into a multi-tenant warehouse/light industrial facility and was 48% occupied upon acquisition by A.H. Harris and Son, International Contractor Services, LLC and Huttig Building Products. Hampshire plans to complete the repositioning as well as seek opportunities to develop an additional 21 acres of excess land.
"This acquisition was an excellent opportunity for us to strengthen and expand our Connecticut portfolio," said Norman A. Feinstein, Executive Managing Director of The Hampshire Companies. "We have seen significant success in our property in downtown Hartford and remain bullish in the Connecticut market. We are confident that this transaction will be an extension of that success."
Nick Morizio of Colliers Dow & Condon represented both The Hampshire Companies and the seller in the transaction.
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.