Steven Inglese and Tim Fegan out of CB Richard Ellis' New Haven office represented the seller in the transaction. They could not be reached for comment at deadline. Norman A. Feinstein, senior vice president of the Hampshire Family of Funds, says of the deal, "This acquisition is in keeping with the overall strategy of the Hampshire Cos. and adds to our already substantial presence in the prestigious suburban Connecticut market. These are quality buildings with the potential to produce substantial income for our investors. To achieve maximum return, we will effectively and efficiently manage the facility and work very aggressively to lease the existing vacancy."
The company's sixth real estate investment fund, Hampshire Partners Fund VI was launched in December 2003 and recently completed its capitalization at $235 million of equity. Company officials say that including leverage, the fund will be acquiring approximately $600 million worth of real estate in the next three years. The fund's main focus is on the ownership of industrial, retail and suburban office product in the Northeast and Mid-Atlantic states.
Company officials add that the fund is currently seeking additional acquisitions throughout its targeted markets. Hampshire currently owns and manages a portfolio of more than 15 million sf of office, retail and industrial space, primarily in the Northeast, valued in excess of $1 billion.
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