Hampshire Buys 437,000 SF of Buildings

MORRISTOWN, NJ-In separate transactions for separate funds it manages, locally based Hampshire Cos. has acquired two buildings in two states, totaling nearly 437,000 sf. In one deal, Hampshire picked up 18-01 Pollitt Dr. in Fair Lawn, NJ, a 146,639-sf office/flex/warehouse building.

The acquisition was made for Hampshire Partners Fund VI, the company's institutional investment fund. The building was acquired from Polevoy Associates of Wayne, NJ, which was represented by the Acclaim Group and GK Realty Services. The sale price of neither acquisition was disclosed.

Located on nine acres within an industrial park, 18-01 Pollitt Dr. is currently 30% occupied by M&I Data Service and the Society of Valley Hospital. "The property offers future tenants flexible space to fit their individual needs," says Norman A. Feinstein, Hampshire's executive vice president. "It is also located in one of the most desirable areas of New Jersey. This acquisition also fit in well with our overall strategy of acquiring properties that have a value-add component with the ability to reposition assets."

The second pick-up is in Alabama, according to Feinstein. On behalf of the Hampshire Generational Fund, a private equity fund tailored to high net worth investors, the company has acquired the 290,000-sf specialized manufacturing building on 13 acres at 3810 Pleasant Valley Rd. in Attalla, AL, in the northeastern portion of the state.

The Alabama property is largely occupied by Crown Column and Millwork Co. LLC, an existing tenant that has also signed a long-term lease renewal with Hampshire. The building currently has 40,000 sf available for lease, Feinstein says. The seller was Gerber Plumbing Fixtures LLC, which was represented in the sale by Tom Paro of Southpace Properties of Birmingham, AL. "This one fits with the strategy of owning, managing and leasing properties that are well located and offer significant cash flow for our investors," Feinstein says.