Hampshire Buys 59,000-SF Office Bldg.

MONTVALE, NJ-The Hampshire Cos. has acquired the single-story, 58,500-sf office/laboratory building at 15 Mercedes Dr. here from Campus Associates LP, an investor group. The buy was made on behalf of Hampshire Partners Fund VI, Hampshire’s $235 million institutional investment fund.

The seller was represented in the transaction by Jeff Kolodkin and Len Suskin of Grubb & Ellis, while Gregg Kelman of GK Realty Services represented Hampshire. The sale price was not disclosed, but a source with knowledge of the transaction puts the number at “over $5 million,” or something in the $85-90 per sf range.

For Hampshire, the pick-up has substantial upside potential. The building is currently vacant—it was once occupied by wood care products company Minwax, which has subsequently relocated to Upper Saddle River, NJ.