New Providence, NJ (PRWEB) August 17, 2008
The Hampshire Companies, a full-service, private real estate investment fund manager with equity in assets valued at more than $2 billion, in a joint venture with Tulfra Realty Company, LLC have announced the acquisition of a 51,000-square-foot industrial building located at 705 Central Avenue in New Providence, N.J., from the Borough of New Providence. Hampshire's investment was made on behalf of Hampshire Partners Fund VII, Hampshire's $350 million institutional real estate investment fund.
Situated on more than two acres, the building offers easy access to major area highways including I-78 and Route 22. Upon acquisition, the property was 62 percent leased with 19,675 square feet available.
"New Providence is one of New Jersey's premier suburban marketplaces," said Norman A. Feinstein, Executive Managing Director of The Hampshire Companies. "This property will be an excellent addition to our portfolio and expand our presence within Union County."
In addition to this acquisition, The Hampshire Companies acquired 691 Central Avenue in late 2007. The 47,150-square-foot building is currently being transformed from industrial space to Class A headquarters-quality office space.
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.
About Tulfra Realty Company, LLC:
Based in Rochelle Park, N.J., Tulfra Realty Company, LLC is a leading real estate management and developer of industrial buildings, land and industrial condominiums. Tulfra's current portfolio consists of over 4 million square feet in more than 50 buildings with a tenant base of 100 private and public companies.