Sean Ryan is associate editor of Real Estate New Jersey
For more retail coverage, click GlobeSt.com/RETAIL.
MORRISTOWN, NJ-Hampshire Cos. based here, has acquired a 30-property portfolio of freestanding retail locations in 14 states, from American Financial Realty Trust totaling more than 230,000 sf. The selling price was not disclosed.
The properties are mostly excess Bank of America branch locations, but also include a few still occupied by Bank of America. Those still with BofA leases will be folded into an investment portfolio. The others will either be offered for lease--as bank branch locations or other retail uses--or redeveloped "in consideration of their highest and best use, in relation to the market," according to Hampshire officials. The properties will be folded into two Hampshire private equity funds, Hampshire Partners Find VI LP and the Hampshire Generational Fund LLC.
Jones Lang LaSalle offered the property for sale. Senior vice president Guy Ponticello and vice president Suzanne Martinez, both from JLL's Chicago office, led the transaction, along with managing director Thomas Benneville from JLL's New York office. Most of the properties are along the southeastern states. North Carolina has four of the properties; New Jersey, Virginia, Georgia and Mississippi each have three; Maryland, Missouri, South Carolina, Tennessee and Alabama each have two; and Pennsylvania, Illinois, Washington and New Mexico each have one.
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