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PARAMUS, NJ-The Hampshire Cos., based in Morristown, NJ, has acquired the former Prentice-Hall building at 240 Frisch Court here. The three-story, 65,000-sf building moves over from the portfolio of JP Morgan Fleming.Jonathan D. Stravitz, director of corporate accounts in NAI James E. Hanson Inc.’s corporate services group represented Hampshire and will continue on as the property’s exclusive leasing agent. The Hampshire Cos. manages several private real estate investment funds.The seller was represented in the transaction by David Simson, president, and David Csontos, senior vice president of GVA Williams of New Jersey, Parsippany. Peter Nicoletti of JP Morgan Fleming managed the disposition of the asset. Terms of the sale, including, the sale price, were not disclosed; however, sources say the asset likely traded for a number in the $7-million to $8-million range.”This acquisition illustrates our core strategy, namely, to acquire properties that have the potential to produce income for our investors, and to manage them to achieve maximum return,” says Norman A. Feinstein, president of the Hampshire Cos. “We believe that we can quickly re-position this property to make it attractive to tenants in the marketplace.”What Hampshire has in mind is to “update the appearance and some of the building systems to re-position it as a class A multi-tenant office environment,” according to Feinstein.”We are actively seeking out additional acquisitions of office, retail and industrial properties in the Northeast,” he says.

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