At the time of sale, the two-story building was occupied by a unit of Mealey's Furniture, a family-operated chain based in Bensalem, PA that operates several outlets in Southern New Jersey and southeastern Pennsylvania. And the tenant will continue to occupy the building and its 10-acre site under the terms of a recent five-year lease extension.
"We were able to negotiate the five-year deal with Mealey's Furniture prior to the sale transaction, allowing us to optimize the property's value prior to the disposition," says Norman Feinstein, executive managing director of the Hampshire Cos. "This transaction reflects, I believe, our ability to rapidly make strategic decisions for our investors."
The Hampshire Generational Fund, for which the sale was made, is one of the firm's private equity real estate investment funds that is tailored to high net worth investors. The combined value of the various funds managed by Hampshire is currently in the $1.5-billion range.
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