X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CARTERET, NJ-The Hampshire Cos. acquired 2-8 Germak Dr., a 299,625-sf warehouse building here, in August, and has now picked up a $13.5-million loan to seal the deal. The Morristown-based Hampshire bought the asset on behalf of its Hampshire Partners Fund VII.

The loan was arranged for Hampshire by Holliday Fenoglio Fowler, and specifically senior managing director Jon Mikula and associate director Michael Klein of that firm’s Florham Park office. The four-year, fixed-rate loan was placed with Principal Global Investors.

“The proceeds of the loan are being used to close on the purchase of the property, and to pay for closing costs and the leasing commissions tied to retenanting the building,” Mikula tells GlobeSt.com.

That retenanting recently came in the form of electronics retailer P.C. Richard, which signed a full-building lease this summer. The building had previously been jointly occupied by trucking firm Sea Jet Industries and Millwood Inc., a packaging company, both of which had relocated within the region.

The Hampshire fund acquired the building and its 15.7-acre site from Carteret Ventures LLC, a local group. The sale price was not disclosed, but industry sources put the number in the $20-million range.

The property is located just off Exit 12 of the New Jersey Turnpike, a few miles south of the facilities of the Port of Newark/Elizabeth, and Newark Liberty International Airport.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • 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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.