MORRISTOWN, NJ-In three separate deals, the Hampshire Cos. has picked up a total of just more than 252,000 sf of industrial properties in New Jersey. The locally based private real estate investment fund manager made all three of the acquisitions on behalf of its recently launched $350-million Hampshire Partners Fund VII.
The largest of the trio of properties is the 133,000-sf 17-09 Zink Pl. in Fair Lawn. The seller was cosmetics manufacturer Darling Corp., which shed the site as surplus property; the sale price was not released. Hampshire officials say they will upgrade the single-story building, repositioning it for multi-tenant use, and have already signed Anything IT, a Fort Lee-based asset management program provider, to 17,000 sf to bolster that effort.
"This acquisition was an excellent opportunity for us to strengthen our industrial portfolio," says Norman Feinstein, Hampshire's executive managing director. The second just-acquired asset is 39 Robinson Rd., a 72,000-sf manufacturing/warehouse building in Lodi. The seller was CJPR Realty Partnership, and the sale price was not disclosed. The building is currently fully leased to Blickman Inc., a manufacturer of stainless steel for hospital operating-room equipment, which is also based at the site.
"Maintaining a strong tenant upon acquisition of the building provided an excellent opportunity for our investors," Feinstein says. "This investment will strengthen our presence in the Northern New Jersey marketplace."
The third acquisition has been used as industrial space, but won't be going forward. It's the 47,150-sf manufacturing building at 691 Central Ave. in New Providence, which has been purchased from Aircast LLC. The seller is a maker of orthopedic therapy products, and the site became surplus in the wake of its merger into DJOrtho.
"We plan to add value to the asset by converting the vacant building into class A office space," Feinstein says. "Upgrades will include a new façade and new window lines. It offers a prime location for class A office space."
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