Hampshire, which made the acquisition on behalf of its HampshirePartners Fund VII portfolio, a recently-launched $350 millioninstitutional real estate investment fund, declined to name theseller or acquisition/sale leaseback price. However, according tomarketing materials by Houlihan-Parnes/iCap Realty Advisors LLC,when the property was on the market it was "owner-occupied byVerizon Washington, who will lease back the entire building forthree years."

Hampshire reports that the building is fully leased to VerizonWireless until 2010. Should it choose the vacate the facility atthat point, Robert F. Vicci, investment manager with the HampshireCos., tells GlobeSt.com, "Fund VII intends to make structural andcosmetic renovations and enhancements to upgrade the building toclass A, with a view to attracting a single corporate user asheadquarters facility or regional operations center." He adds thatthe firm is also exploring the possibility of converting the firstfloor into a retail center.

The firm also made another acquisition in the Mid-Atlanticregion recently through its Fund VII: a 317,400-sf flex building at5700 Audubon Dr. in Richmond, Va. These two acquisitions join asmall but growing number of assets the NJ-based firm has in theMid-Atlantic. Other assets in the region include 1041 ElectricAve., in Vienna, VA., a 125,000-sf office; John Harland Co Inc. inGlen Burnie, MD, a 120,000-sf office; a 300,000-sf shopping centerin Arundel, MD, called Pasadena Crossroads; a one-million-sfindustrial facility in Hampstead, MD., called Solo Cup; and WeisMarkets, a Glen Burnie, MD-based 50,000-sf single tenant retailestablishment.