MAHWAH, NJ-The right assets in the right locations continue to trade on the investment sales market in the Garden State, financial market conditions notwithstanding. The latest commercial asset to change hands is Mahwah Technical Park II at 10 Industrial Ave., a 91,388-square-foot, two-story industrial/flex building. It has been acquired by Morristown-based real estate investment fund manager Hampshire Cos., which has been one of the more active players in the investment sales market.
Mahwah Technical Park II was acquired by Hampshire Cos. on behalf of its Hampshire Generational Fund, a commingled discretionary real estate investment fund that caters to high net worth individuals. The seller was EWE Warehouse Investments, and the sale price was not disclosed.
“This acquisition was an opportunity for us to expand our Northern New Jersey portfolio,” says Robert Schmitt, managing director of the Hampshire Cos. “It’s located in the Bergen County industrial market, and it is positioned within one of the state’s top tech and warehouse/distribution hubs. It also has a strong occupancy rate.”
The asset is currently fully occupied by Polytype America, a supplier of equipment to the packaging industry; sewing machine manufacturer Janome America; New Concept Press; LS Advertising Co.; and Scanpan USA, a Danish housewares manufacturer.