The Hampshire Companies Sells Industrial Warehouse Building to Park Avenue Motor Corporation in South Hackensack, N.J.
South Hackensack, N.J. -- The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at over $2.5 billion, has announced sale of its 112,270-square-foot industrial warehouse building located at 490 Huyler Street in South Hackensack, N.J. to Park Avenue Motor Corporation. The company has leased the building since 2012 and the tenant chose to exercise its purchase option.
“This sale allows The Hampshire Companies to generate an attractive yield on its investment,” said Igor Derbaremdiker, Senior Investment Manager of The Hampshire Companies. “Hampshire made extensive renovations to the property in 2010 in order to improve the property, both aesthetically and functionally in order to attract qualified, prospective buyers. The Park Avenue Motor Corporation is also able to streamline its operations between this property and its nearby location at 530 Huyler Street which they purchased from The Hampshire Companies in 2013.”
Located within minutes of I-95, I-80, Routes 46, 3, and 17, the New Jersey Turnpike and the George Washington Bridge the facility is ideally situated in Bergen County’s premier industrial marketplace. Its proximity to major highways combined with its 16 - 18-foot ceiling heights and multiple loading docks made 490 Huyler Street an attractive purchase option for the buyer.
Prior to securing Park Avenue Motor Corporation as a tenant, Hampshire invested in the site making extensive exterior renovation to the property, including a new façade, windows and expanded parking capabilities, offering ample on-site parking that includes car spaces along Huyler Street and Bruce Court. Additionally, sidewalks and new landscaping were added along Hulyer Street and Chippewa Street to enhance the curb appeal of the building
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