The deal was brokered for Hampshire by John Stravitz of the NAI James E. Hanson Co. of Hackensack, NJ. The sale price was not disclosed. The three-story building across the street from Bergen Mall, just off of Route 4 in Bergen County.
Hampshire bought the building just over a year ago from Office Realty Holding Co., a New York-based institutional investor. At the time, the building was fully occupied by publisher Prentice-Hall, and the asset is still referred to locally as the Prentice-Hall Building. The publishing company, with just months to run on its lease when Hampshire bought the building in 2004, vacated 240 Frisch Court last fall, and Hampshire initiated a makeover of the asset's appearance and systems to reposition it as a class A building.
"It's one of our core strategies to acquire properties and to reposition them in the marketplace," explains Norman Feinstein, executive vice president of Hampshire Cos. "Our intention is to generate maximum return for our investors."
Hampshire operates through commingled discretionary real estate investment fund, according to Feinstein. The value-added investment vehicles target industrial, retail and office properties located in the Mid-Atlantic and Northeast regions of the US.
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