The property consists of two joined buildings, a 334,000-sf warehouse facility, which is fully leased to IBM for its automated global distribution center, and an 80,000-sf attached office building that is currently vacant. The property is approximately 20 years old.
Michael G. Walters, executive director of corporate services at Hackensack, NJ-based NAI James E. Hanson Inc., and Hal B. Messer an associate in the same office, represented Hampshire in the negotiations. Dean Geis of Philadelphia-based NAI Geis represented the seller.
Messer says the acquisition gives Hampshire the benefit "of acquiring a property at a substantial discount to replacement cost while having a strong, high-credit tenant and the ability to add value through the leasing of the vacant office space and potential expansion of the warehouse." He tells GlobeSt.com the current rental rate for the warehouse portion is about $8 per sf while rates in the office market are in the mid- to low teens per sf.
This addition the Hampshire portfolio's location in Carlisle, a major hub for the Northeast, exemplifies the buyer's "ability to identify and acquire large assets that are strategically well positioned in strong markets," Walters says.
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