The Hampshire Companies, a commercial real estate firm with a diversified national portfolio and over 80 years of experience in the industry announced the acquisition of a 77,804 square foot industrial/warehouse property at 506 Route 46 in Teterboro, NJ.
(PRWEB) August 6, 2004 -- The Hampshire Companies, a commercial real estate firm with a diversified national portfolio and over 80 years of experience in the industry announced the acquisition of a 77,804 square foot industrial/warehouse property at 506 Route 46 in Teterboro, NJ.
The 506 Route 46 property sits on a 4-acre site on Route 46 and is strategically located directly across the street from Teterboro Airport in one of Northern New Jerseys major industrial corridors. The Hampshire Companies purchased the vacant building, and immediately thereafter executed a 42,000 square foot lease with S.W. Anderson Corp., an HVAC wholesale distributor, who will occupy the space upon completion of planned building improvements. The improvements will include expanding the parking lot and renovating the facade to make the property more attractive to potential office/flex space users.
Thomas A. Vetter and Jeffrey W. DeMagistris of NAI James E. Hanson, Inc. represented the seller in the transaction, and also brokered the lease with S.W. Anderson. Taken as an aggregate, the transactions have a cumulative value in excess of $4.5 million.
This acquisition and lease perfectly illustrates the essence of the strategy of The Hampshire Companies, namely to acquire quality buildings and properties that have the potential to produce substantial income for our investors, and to efficiently and effectively lease and manage them to achieve maximum returns," noted Norman A. Feinstein, Senior Vice President of the Hampshire Family of Funds.
The Hampshire Companies operates through commingled, discretionary real estate investment funds. The funds are value-added, investment vehicles targeting industrial, retail, and office properties located in the Mid-Atlantic and Northeast regions of the United States. The goal of each of the Funds is to deliver superior, above-market returns to its investors through the acquisition, repositioning and management of investment-grade properties.
The Hampshire Companies, led by its Chairman, Jon F. Hanson, is a third-generation full-service real estate organization with over 80 years of experience and a mission to create and enhance value from investments in real estate opportunities. The Hampshire Companies philosophy is rooted in the belief that a steady, conservative investment outlook will allow the company to succeed regardless of underlying economic conditions. Being cautiously opportunistic, the firm consistently realizes returns higher than industry standards by creating a diversified national portfolio of properties totaling over 15 million square feet. Additional information on The Hampshire Companies and its funds is available online at www.hampshireco.com.
Media contact: Jason Ledder, R&J Group, (973) 331-1070.
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