ROSELAND, NJ-The Hampshire Cos. has bought the 84,564-sf industrial building at 440 Eagle Rock Ave. here through its Hampshire Partners Fund VI. The fund has targeted an addition $300 million in acquisitions over the next 12 to 18 months.
"With this acquisition, along with other properties that we are about to close, Hampshire Partners Fund VI will have approximately $300 million invested," Norman A Feinstein, executive vice president of the Morristown-based Hampshire Cos. says. "We have readily available capital that allows us to quickly commit and close on opportunistic real estate investments in our core markets."
The purchase price was not given, but Hampshire estimates the property to be worth around $5 million. "We became aware of this opportunity through our network of real estate affiliates," Feinstein continues. "Because of our cash position and ability to undertake the due diligence process expeditiously, we were able to quickly close on the property, which was attractive to the seller." The building, in close proximity to I-280, is currently tenanted to Cosmetic Essence Inc., a Holmdel-based contract manufacturer.
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