The Hampshire Companies and The Lipsitz Companies Sell Vacant Retail Space in Minnesota
Monticello, M.N. (December 19, 2013) – The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at over $2.5 billion, in a joint venture with The Lipsitz Companies, a real estate investment holding group, have announced the sale of a 86,479 square-foot retail building located at 300 Seventh Street West in Monticello, Minnesota. The vacant retail space, under lease with Kmart until November of 2015, was sold to JR&RII, LLC.
The 86,479 square-foot retail building was vacated by the Kmart in the first quarter of 2012 during a major effort by its parent company, Sears Holdings Corporation, to close a number of its underperforming retail stores. The sale allows Kmart to exit its lease on the building prior to its scheduled expiration, clearing the way for this transaction.
“Since Kmart had vacated the building before its lease expired, we saw this as an opportunity to reposition the asset and to sell the building to a motivated user,” said Ray Ayers, Investment Manager for The Hampshire Companies. “The property’s location in an established, high-traffic, business-driven area was attractive to the buyer.”
The building is surrounded by retail, commercial and residential properties within the City of Monticello and offers proximity to major area highways, including Interstate 94 and State Highway 25, providing strong destination traffic within a thriving, energetic city.
Wayne Elam of Commercial Realty Solutions represented the buyer in the transaction.
About the Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment firm based in Morristown, New Jersey. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on the Hampshire Companies is available online at www.hampshireco.com.