Glen Rock, N.J. (PRWEB) January 14, 2009
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 Onyx Equities have announced the acquisition of a 48,000-square-foot office building located at 85 Harristown Road in Glen Rock N.J. The property was purchased from Motorola, Inc. Hampshire's investment was made on behalf of Hampshire Partners Fund VII, Hampshire's $350 million institutional real estate investment fund.
The property will undergo major renovations and upgrades throughout 2009, which will include new facades, windows, lobbies, landscaping, HVAC system, roof, and restrooms making it ideal for medical office users. In addition, the property offers ample parking and is easily accessible to all Northern New Jersey major roadways including I-287, I-80, I-95, the Garden State Parkway, and Routes 208, 4, 7, and 46.
"Based on our ability to meet and exceed tenant demand and Onyx Equities' successful track record in the medical/office marketplace, this acquisition is a strong addition to our portfolio," said Todd Anderson, Principal of The Hampshire Companies.
"The location, additional development rights, and the fact that this asset has never been on market make it a perfect candidate to reposition and create significant value for our joint venture," added Jonathan Davis, Vice President of Investments of Onyx Equities.
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 Onyx Equities, LLC:
Headquartered in Woodbridge, New Jersey, Onyx Equities, LLC was formed in 2004 and currently owns a portfolio of 3,049,000 square feet of office, retail, and industrial properties located in New Jersey, New York, Connecticut, Pennsylvania and Florida. Since its inception, Onyx has acquired over $684 million in assets throughout the region. For more information on Onyx Equities, LLC, contact the firm at (732) 362-8800, or visit http://www.onyxequities.com.