Much of that 180,000-sf total consists of 490 Huyler St., a 107,730-sf industrial building on five acres in South Hackensack, NJ, acquired from Huyler Realty LLC on behalf of Hampshire Partners Fund VII, Hampshire's $350-million institutional real estate investment fund. Hampshire was represented by Stuart Alpert of Keller Realty.
"This property fits right into our fund's value-add strategy," says Todd Anderson, Hampshire's senior investment manager. "We're looking to implement a capital improvement program at the building, which will allow us to maximize the return to our investors."
In a second New Jersey industrial pick-up on behalf of the same fund, Hampshire teamed with the Rochelle Park, NJ-based Tulfra Realty Co. to buy the 51,000-sf building at 705 Central in New Providence. The seller of the surplus, two-acre property was the Borough of New Providence. Hampshire had previously, in 2007, acquired the 47,150-sf 691 Central Ave. in New Providence and is currently turning the industrial space into class A office.
Finally, on behalf of its Hampshire Generational Fund tailored to high net-worth individuals, the company has acquired three freestanding, single-tenant retail buildings averaging 6,700 sf each in Jackson, Plainwell and Paw Paw, MI. The buildings, sold by a western Michigan investor group, are all leased to Advance Auto Parts.
"The long-term lease agreements at all three properties provide us with stable cash flow," says Hampshire senior managing director Robert Schmitt. "We're continuing to actively seek properties for our fund portfolio."
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