Hampshire acquires NJ industrial property

The deal was made through private equity real estate firm Hampshire Partners’ $350m property fund, Hampshire Partners Fund VII.

Morristown, New Jersey-based Hampshire Partners has acquired a 299,625-square-foot industrial building in Carteret, New Jersey from Carteret Ventures. Financial terms of the deal were not disclosed.

The property was acquired through the firm’s latest $350 million (€224 million) real estate vehicle, Hampshire Partners Fund VII, which targets value-add investments in industrial, retail and suburban office properties in the Northeast and Mid-Atlantic regions of the US.

Located at 2-8 Germak Drive, sitting on more than 15 acres, the property has access to distribution outlets including the Port of New York/New Jersey, the New Jersey Turnpike and Newark Liberty International Airport. Hampshire leased the property to appliance and electronics retailer PC Richard & Sons following the acquisition.

Last month, the private equity real estate firm also acquired an 87,200-square-foot industrial property in Billerica, Massachusetts located at 159 Rangeway Road, off US Route 3. The property was acquired through Hampshire’s Fund VII.

In June, the firm also picked up 661 climate-controlled self-storage units in Berkley Heights, New Jersey. The facility, located close to major area highways including the I-78, I-287 and US Route 22, comprised 51,171 square feet of rentable space.