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BRIDGEPORT, CT-The Hampshire Cos. has purchased 2.05 acres of land at 1000 Park Ave. here that is currently being developed as a Walgreen's drug store. The firm purchased the property from West Fairfield Park Allocater LLC on behalf of the Hampshire Generational Fund, a commingled discretionary real estate investment fund controlled by the Hampshire Cos.

The Morristown, NJ firm did not disclose the purchase price. It does include about two-thirds of an acre available for future retail development. The Walgreen's drug store will total 14,419 sf and is scheduled to open in the spring of 2006. The property is being developed in a joint venture between the Hampshire Generational Fund and Landbank Partners of Stratford, CT.

"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 Hampshire. "We will continue to seek additional acquisitions in and around the city of Bridgeport to add to our growing portfolio."

Hampshire negotiated a long-term lease with Walgreen's. The transaction is Hampshire's second purchase in Bridgeport in less than three months. The company also purchased the Royal Bank of Scotland office building at 1000 Lafayette Blvd. in Bridgeport for $22.5 million.

Instant Insights /

Hampshire Cos. Buys Land Asset in Bridgeport

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