X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MONTVALE, NJ-The Hampshire Cos. has acquired the single-story, 58,500-sf office/laboratory building at 15 Mercedes Dr. here from Campus Associates LP, an investor group. The buy was made on behalf of Hampshire Partners Fund VI, Hampshire’s $235 million institutional investment fund.

The seller was represented in the transaction by Jeff Kolodkin and Len Suskin of Grubb & Ellis, while Gregg Kelman of GK Realty Services represented Hampshire. The sale price was not disclosed, but a source with knowledge of the transaction puts the number at “over $5 million,” or something in the $85-90 per sf range.

For Hampshire, the pick-up has substantial upside potential. The building is currently vacant—it was once occupied by wood care products company Minwax, which has subsequently relocated to Upper Saddle River, NJ.

And Hampshire is set to launch a makeover with an eye on getting a single user into the building. “We plan an aggressive multi-pronged marketing renovation and repositioning strategy to attract a long-term tenant on a net lease basis,” says Norman A. Feinstein, executive vice president of the Morristown, NJ-based Hampshire. “We were able to buy the property for well below replacement cost in one of the top headquarters destinations in New Jersey.”

Among the location’s corporate neighbors are BMW, Mercedes-Benz North America, Sony and Hertz.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.