$22M Takes 371,000-SF Portfolio

MORRISTOWN, NJ-The locally based Hampshire Cos. has picked up three industrial buildings totaling 371,000 sf for $21.5 million, which factors out to $58 per sf. The three freestanding buildings are all fully occupied by the Munich, Germany-based Mannesmann Plastics Machinery or its subsidiaries, and all three will remain occupied under the terms of a 13.5-year absolute net leaseback. Hampshire bought the properties in tandem with an unidentified private 1031 investor.

The largest of the buildings is a 234,000-sf asset in the Cleveland suburb of Strongsville, OH. Located on 19 acres at 29201 Aurora Rd. within an industrial campus, it serves as the US headquarters for MPM subsidiary Demag Corp.

Also part of the deal is the 112,280-sf building on 12.4 acres at 7095 Industrial Rd. in the Cincinnati suburb of Florence, Ky. Renovated in 2006, the building is fully occupied as the US headquarters of MPM subsidiary Krauss-Maffei. The final property is a 25,000-sf R&D facility in the Boston suburb of Devens, MA, which contains an MPM machine showroom and as a training center.

MPM, a manufacturer of machinery for the production of plastics and rubber, including injection molding machines, was represented by CB Richard Ellis' Andrew Sandquist, Robert Brennan and Michael Lowe of the firm's Cincinnati office, Fred Herrera from the firm's Cleveland office and Ed Jarosz from the Boston office.