Morristown, NJ (PRWEB) November 30, 2005
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1 billion, today announced the purchase of 2.05 acres of land at 1000 Park Avenue in Bridgeport, CT. The property is currently being developed as a 14,419 square feet Walgreen’s drug store, in a joint venture between the Hampshire Generational Fund and Landbank Partners of Stratford, CT. The site includes additional land available for future retail space development.
The property was acquired from West Fairfield Park Allocater, LLC on behalf of the Hampshire Generational Fund, a commingled, discretionary value-added real estate investment fund controlled by The Hampshire Companies.
This property represents the second major purchase by the Hampshire Companies in the growing Bridgeport-area market. The company acquired the landmark Royal Bank of Scotland building, an 11-story, 214,444 square foot Class-A office building at 1000 Lafayette Boulevard, in October of this year.
“We strongly believe that the city of Bridgeport has tremendous growth potential and offers an incredible value for tenants and investors alike,” says Norman A. Feinstein, Executive Vice President of The Hampshire Companies. “This second purchase in Bridgeport reaffirms our commitment to be a part of the rebirth and revitalization of the city. We will continue to seek additional acquisitions in and around the city of Bridgeport to add to our growing portfolio.”
The property, located in downtown Bridgeport, sits on 2.05 acres within close proximity of I-95. Hampshire has negotiated a long-term lease with Walgreen’s, the largest drugstore chain in the United States and the nation’s ninth largest retailer. The Walgreen’s building will be completed and the store opened in the Spring of 2006.
The Hampshire Generational Fund, LLC is a commingled, discretionary value-added real estate investment fund. The goal of the Fund is to deliver superior, above-market returns to its investors through the acquisition and operation of industrial, retail, and office product as well as an investor in other real estate funds.
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.
# # #