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EAST WINDSOR, NJ-On behalf of its Hampshire Generational Fund, the Hampshire Cos. has acquired the 120,000-sf lab/office building at 329 Wycoffs Mill Rd. here. Located near Exit 8 of the New Jersey Turnpike, the building is fully leased to Elementis Specialties Inc.

The seller was a local group and the sale price was not disclosed. And the acquisition brings with it some expansion potential, according to William A. Scully, executive vice president of the Morristown, NJ-based Hampshire, a private real estate investment fund manager. The 30-acre site includes development potential on 10 acres, and is cleared for a combination of office, flex and lab space.

"The Exit 8 market is one of the hottest in the state," Scully says. He adds that what made the site attractive was the long-term lease to a stable tenant and the additional development possibilities. Elementis is a chemical company focused on coatings, inks and related products. The company is part of Elementis PLC, based in the UK.