Carteret, N.J. (PRWEB) August 2, 2008
The Hampshire Companies, a full-service, private real estate investment fund manager with equity in assets valued at more than $2 billion, has announced the acquisition of a 299,625-square-foot industrial building located at 2-8 Germak Drive in Carteret, N.J., from Carteret Ventures, LLC. The acquisition was made on behalf of Hampshire Partners Fund VII, Hampshire's $350 million institutional real estate investment fund.
Situated on more than 15 acres, the property is conveniently located in one of New Jersey's prime distribution markets, offering easy access to the Port of New York/New Jersey, the New Jersey Turnpike and Newark Liberty International Airport. Following the acquisition, Hampshire leased the entire premises to P.C. Richard & Sons, a leading Tri-State area appliance and electronics retailer.
"Our ability to fully lease the building quickly after acquiring the property is a testament to Hampshire's commitment to making superior investments on behalf of our investors," said Norman A. Feinstein, Executive Managing Director of The Hampshire Companies.
Tom Monahan of Colliers Houston represented The Hampshire Companies in both transactions.
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 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.