ROCKAWAY TOWNSHIP, NJ –The Hampshire Companies has purchased the 352,461-square-foot printing and production facility used by North Jersey Media Group, the publisher of The Record and a number of other community newspapers in a sale/leaseback transaction arranged by HFF.

The facility, located at 100 Commons Way in Rockaway in eastern Morris County, NJ, is 100 percent leased by North Jersey Media Group, the largest news gathering organization in northern New Jersey with roots that trace back to 1895. 

The building serves as the independent, family-owned media company's only printing and sorting facility.  Multiple publications are printed in the facility, including NJMG-owned The Record, Herald News and 43 weekly community newspapers in addition to three Gannett-owned daily papers and 10 weekly newspapers for Greater Media Newspapers. 

HFF worked exclusively on behalf of The Hampshire Companies to secure the $10.5 million, seven-year, fixed-rate financing through Ocean First Bank.  Loan proceeds will be used to acquire the property. 

The HFF debt placement team representing the borrower was led by director Michael Klein along with senior managing director Jon Mikula and senior real estate analyst Michael Cerulo.

“The Hampshire Companies was seeking a lower leverage request with a flexible prepayment schedule that would best meet their acquisition criteria,” says Klein.  “Ocean First Bank was able to get comfortable with the specialty use of the property given the long-term sale/leaseback and lower leverage request.  As a result, the bank was able to move quickly and close the loan before year end.”

100 Commons Way is improved with three floors that include 150,756 square feet of production and printing space, 57,116 square feet of industrial warehouse and distribution space, 20,765 square feet of office space, a data center and cafeteria, separate parking garage and on-site post office.  The facility is located just off Green Pond Road (County Route 413), which leads directly to Interstate 80, a major east-west artery through northern New Jersey, and is only seven miles from the intersection of Interstate 80 and Interstate 287.