Hampshire buys NJ industrial and office properties

The Morristown, New Jersey-based private equity real estate firm has acquired more than 240,000 square feet of industrial and office buildings in its home state through the firm's latest $350m fund, Hampshire Partners Fund VII.

The Hampshire Companies has acquired more than 240,000 square feet of industrial and office properties in a series of deals through their latest value-added real estate vehicle, Hampshire Partners Fund VII.

The properties – located in South Hackensack, Somerset and New Providence, in New Jersey – cover a total of 19 acres, and comprise 85,000 square feet of office buildings and around 158,000 square feet of industrial property. Financial details were not available.

According to a statement, Todd Anderson, senior investment manager, said the South Hackensack industrial property, which totaled 107,730 square feet, would be refurbished. It was purchased from Huyler Realty.

The 85,000-square-foot office building in Somerset, acquired from Provident Partners, is currently leased to OFS Fitel, Fjords USA and Logan Instruments, while the 51,000-square-foot industrial building in New Providence, purchased in a joint venture with Tulfra Realty Company, is currently 62 percent leased.

Hampshire’s Fund VII closed on $350 million (€241 million) of equity commitments last year from 20 investors including endowments, foundations, and public and private pension funds. At the time, Hampshire president James Hanson said the fund would target properties in the Northeast and Mid-Atlantic regions of the US, particularly industrial, retail and suburban offices.

Hampshire’s other real estate vehicle, Hampshire Generational Fund, also acquired more than 20,000 square feet of retail property in the Michigan towns of Jackson, Plainwell, and Paw Paw. The fund, backed by high-net-worth individuals, also sold a 66,723-square-foot shopping center in Madison, Wisconsin, according to a statement. Financial details were not disclosed.