Newark, N.J. (PRWEB) June 3, 2010
The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at over $2 billion, has announced the disposition of a 6,705-square-foot retail building located at 300-344 Broad Street in Newark, N.J., which is leased to AutoZone, the nation's leading auto parts retailer. The sale was made to Meadowlands Restaurant, Inc.
The Hampshire Companies were originally attracted to the property because it was located on a corner lot and it offered high visibility and close proximity to The Garden State Parkway, Route 22, I-78 and I-280. Additionally, the property was minutes away from Newark Liberty International Airport and New Jersey Transit. Prior to taking title to the land, Hampshire obtained the necessary approvals for the construction of a single standing AutoZone building.
"Completing the approval process for the property at 300-344 Broad Street in Newark and securing a credited tenant such as AutoZone enabled us to maximize the value of the property," said Robert T. Schmitt, a Principal of The Hampshire Companies. "This transaction reflects Hampshire's ability to read the marketplace and execute the necessary steps that enable tenants to thrive in even the most difficult real estate cycles."
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm 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. Additional information on The Hampshire Companies is available online at http://www.hampshireco.com.
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