Jones Lang LaSalle
Hampshire Buys 185,000-SF W/D Building
By Eric Peterson
(To read more on the industrial market, click here.)
FRANKLIN TWP., NJ-Private real estate investment fund manager Hampshire Cos. has acquired One Wiley Dr., a 185,140-sf warehouse and distribution facility in this Somerset County township. The buy was made on behalf of the firm's Hampshire Partners Fund VI, an institutional real estate investment fund.
The seller was a commingled pension trust fund, and the sale price was not released. Located on 24.8 acres in a core warehousing section of the Somerset submarket, the one-story building is leased on an absolute net basis to John Wiley & Sons Inc. through December 2007. Wiley is a Hoboken, NJ-based publisher of print and electronic products.
"One Wiley Dr. provides us with a well-located facility currently occupied by an exceptional creditworthy tenant in an active industrial market," says Norman A. Feinstein, EVP of Hampshire Cos. "Additionally, the potential for expansion within the 24.8-acre parcel makes this a very attractive property with upside value-add potential. This is representative of the kind of acquisition that fits well within our Fund VI investment objectives."
"The upside potential comes not only from a possible expansion on the site," says Jeff Dunne of CB Richard Ellis' Tri-State Investment Team, which represented the seller and brought the buyer to the table. "It also comes with the possible long-term renewal with the tenant." Dunne collaborated on the transaction with Jeffrey Oram of CBRE's Tri-State Investment Team, and with Mindy Lissner of CBRE's East Brunswick, NJ office.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
Hampshire Buys 185,000-SF W/D Building
By Eric Peterson
(To read more on the industrial market, click here.)
FRANKLIN TWP., NJ-Private real estate investment fund manager Hampshire Cos. has acquired One Wiley Dr., a 185,140-sf warehouse and distribution facility in this Somerset County township. The buy was made on behalf of the firm's Hampshire Partners Fund VI, an institutional real estate investment fund.
The seller was a commingled pension trust fund, and the sale price was not released. Located on 24.8 acres in a core warehousing section of the Somerset submarket, the one-story building is leased on an absolute net basis to John Wiley & Sons Inc. through December 2007. Wiley is a Hoboken, NJ-based publisher of print and electronic products.
"One Wiley Dr. provides us with a well-located facility currently occupied by an exceptional creditworthy tenant in an active industrial market," says Norman A. Feinstein, EVP of Hampshire Cos. "Additionally, the potential for expansion within the 24.8-acre parcel makes this a very attractive property with upside value-add potential. This is representative of the kind of acquisition that fits well within our Fund VI investment objectives."
"The upside potential comes not only from a possible expansion on the site," says Jeff Dunne of CB Richard Ellis' Tri-State Investment Team, which represented the seller and brought the buyer to the table. "It also comes with the possible long-term renewal with the tenant." Dunne collaborated on the transaction with Jeffrey Oram of CBRE's Tri-State Investment Team, and with Mindy Lissner of CBRE's East Brunswick, NJ office.
Copyright © 2006 ALM Properties, Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.
posted by Jones Lang LaSalle NJ News Blog at 9:34 AM
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