The Hampshire Companies Sells 125,000-Sq.-Ft. Hackensack Industrial/Office Complex
The Hampshire Companies, a full service, private real estate investment firm with assets valued at over $2.3 billion, announces the sale of a 125,000-square-foot industrial and office complex in Hackensack, N.J. to a private buyer. The complex, located at 86-110 Orchard Street, is 96% leased and was renovated in 2013.
The industrial / office complex at 86-110 Orchard Street consists of 110,000 square feet of warehouse space and 15,000 square feet of office space located on the second floor. The warehouse space is broken into 11 independent and fully-demised industrial units with ceiling heights ranging from 14’ to 25’. The complex features 12 external docks as well as ten drive-ins, all of which can accommodate full tractor trailers and is equipped with 480 amps/three-phase power, and 109 parking spaces on-site. The second floor offices can be accessed via elevator and one of the units has a five-ton crane that can travel 150 feet.
“Following a renovation in 2013 and the incredibly tight market for industrial assets in northern New Jersey, Hampshire was able to achieve a 96% occupancy rate and create significant investment returns for our investors,” said Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “Assets in this location are in extremely high demand, as tenants are being priced out of the five boroughs and have been finding new homes in northern New Jersey. This was an excellent deal for Hampshire, given that we were able to monetize a legacy product which resulted from the foresight to reintroduce this asset with fresh renovations in a more-competitive industrial market in 2016.”
Situated on 5.27-acres of property and located on the northern end of Hackensack, just two blocks from Route 4, the facility offers excellent access to New York City via the George Washington Bridge. The building is also just minutes from Routes 17, 80 and The New Jersey Turnpike.
“This sale of this property allowed us to take advantage of an extremely well-located and near-fully leased asset in a market with very low vacancy rates,” said John Goldsmith, Portfolio Manager at The Hampshire Companies. “The market conditions played very well into our long-term strategy for this asset, to the benefit of our investors.”
Jeffrey W. DeMagistris, SIOR, Thomas A. Vetter, SIOR and Gregory James of NAI James E. Hanson represented The Hampshire Companies in the transaction.
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