(Read more on the industrial market.)
MORRISTOWN, NJ-The locally based Hampshire Cos. has picked upthree industrial buildings totaling 371,000 sf for $21.5 million,which factors out to $58 per sf. The three freestanding buildingsare all fully occupied by the Munich, Germany-based MannesmannPlastics Machinery or its subsidiaries, and all three will remainoccupied under the terms of a 13.5-year absolute net leaseback.Hampshire bought the properties in tandem with an unidentifiedprivate 1031 investor.
The largest of the buildings is a 234,000-sf asset in theCleveland suburb of Strongsville, OH. Located on 19 acres at 29201Aurora Rd. within an industrial campus, it serves as the USheadquarters for MPM subsidiary Demag Corp.
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