The building was completely vacant when Hampshire, a Morristown-based commercial real estate investment firm, agreed to buy it. The seller was a local partnership, which was not identified.
But more than half of the space was quickly taken off the market when SW Anderson Corp., a wholesale distributor of HVAC products, signed on for a total of 42,000 sf of space that is will use for W/D purposes. Thomas A. Vetter and Jeffrey W. DeMagistris of NAI James E. Hanson Inc. of Hackensack represented the seller in the transaction, and also brokered the lease with SW Anderson. Taken as an aggregate, the transactions have a cumulative value of more than $4.5 million, according to Vetter.
"This acquisition and lease illustrate the essence of the strategy of the Hampshire Cos.," says Norman A. Feinstein, senior vice president of the Hampshire Family of Funds. "That strategy is to acquire quality buildings and properties that have the potential to produce substantial income for our investors, and to efficiently and effectively lease and manage them to achieve maximum returns."
SW Anderson will occupy its new space once planned building improvements are completed. Those improvements will include expanding the parking capacity and renovating the façade, "to make the property more attractive to potential office/flex space users" to fill the rest of the building, according to Feinstein.
The 80-year-old Hampshire Cos., led by chairman Jon F. Hanson, who at one time headed the New Jersey Sports and Exposition Authority, operates through commingled, discretionary real estate investment funds. The value-added investment vehicles target industrial, retail and office properties in the Mid-Atlantic and Northeast regions of the US.
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