Jones Lang LaSalle


Hampshire Buys 88,000-SF Industrial Asset
By Eric Peterson
Last updated: April 20, 2006 09:36am

OAKLAND, NJ-The Hampshire Cos. has acquired the 87,840-sf industrial building at 8 Thornton Rd. here. The acquisition was made through Hampshire Partners Fund VI, Hampshire’s institutional investment fund, which targets value-add industrial, retail and suburban office properties in the Northeast.

The building was acquired from the Zrike Co., a marketer of tableware and giftware. The transaction is a sale-leaseback; Zrike will continue to use the location as its headquarters. The sale price and terms of the lease were not disclosed.

"The property fits in well with our overall strategy of acquiring investment-grade properties in growth locations that will provide a stable cash flow for our investors," says Norman A. Feinstein, executive vice president of the Morristown, NJ-based Hampshire Cos. "This acquisition has tremendous upside potential both for the Zrike Co. and our investors." Situated on five acres near I-287 in Bergen County, the one-story building has 24-foot clear ceiling height.