The larger of the two buildings is 21 Fadem Rd., a 122,599-sf asset in Springfield, picked up from the locally based R.F.B. Realty Corp. The deal was done on behalf of Hampshire Partners Fund VII, a $350-million institutional fund. The sale price was not released.
"The property's location, near Route 22 and the Garden State Parkway, and the option to divide the space in a variety of ways for multiple uses, makes it a good home for a range of tenants," says Hampshire's senior investment manager, Todd Anderson. The building is currently vacant, and target tenants include industrial and technology companies with manufacturing, assembly and distribution requirements.
The second building just acquired is the 80,000-sf warehouse building at 2 Dedrick Place in West Caldwell. Unlike the Springfield building, this one is fully leased on a long-term basis to RLB Food Distributors. The produce and deli distributor and processor uses the space as its headquarters location.
Situated on five acres within the West Essex Industrial Park, 2 Dedrick Place was acquired on behalf of the Hampshire Generational Fund, a discretionary, commingled fund. The seller was the SME Co. Inc. of Livingston, NJ. The sale price was similarly not disclosed.
"This was an excellent opportunity for us to expand our Northern New Jersey portfolio," says Hampshire managing director Robert Schmitt. "And having a strong tenant already in place made this a solid asset, with stable cash flow, for our investors."
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