SOUTH BRUNSWICK, NJ-The Hampshire Cos. has acquired the 55,000-sf industrial building at 2 Commerce Dr. within the CenterPoint at 8A business park here. The Morristown, NJ-based real estate fund manager picked up the property on behalf of its Hampshire Partners Fund VI institutional fund.
The sale price was "approximately $4 million," according to Norman A. Feinstein, Hampshire's EVP. That price factors out to about $73 per sf. The identity of the seller was not disclosed, however, Matrix Development Group of Cranbury, NJ is the developer of the 500-acre park and owner of most of its assets.
"This property was particularly attractive to our institutional fund because of its location in the New Jersey Turnpike Exit 8A market," Feinstein says. "We plan to carry out several upgrades to the property and to increase the value of the asset."
The building, which sits on a six-acre site, consists of 40,000 sf of office space and 15,000 sf of high-ceilinged warehouse space. It's currently "partially leased," according to Feinstein.
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