The property, a former manufacturing plant, was repositioned by the seller into a multi-tenant warehouse/light industrial building. At the time of sale, the property was 48% occupied. Its chief tenants are: A.H. Harris and Son, International Contractor Services LLC and Huttig Building Products.
The deal is the second acquisition revealed this month for the Hampshire Partners Fund VII. The fund also purchased 1050 Edwards St., a 116,000-sf industrial building in Linden, NJ from E&M Equities Co. No purchase price was announced in that transaction as well.
Hal Meser of NAI James E. Hanson represented the Hampshire Cos. in that deal. Company officials say that Hampshire Cos. plans to continue the repositioning program at the Newington property and may also look to develop an additional 21 acres of land nearby.
Commenting on its Newington purchase, Norman Feinstein, executive managing director of the Hampshire Cos., says, "this acquisition was an excellent opportunity for us to strengthen and expand our Connecticut portfolio. We have seen significant success in our property in Downtown Hartford and remain bullish in the Connecticut market. We are confident that this transaction will be an extension of that success." Feinstein was speaking of its more than 400,000-sf 20 Church St. office high-rise property in Hartford, which is part of Hampshire Partners Fund VI, a $235-million institutional real estate fund.
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