HFF closes $146.85 million sale of 6-building industrial portfolio in northern New Jersey on behalf of The Hampshire Companies
MORRISTOWN, NJ (June 15, 2017) – The Hampshire Companies announced today the $146.85 million sale of a six-building industrial portfolio totaling 1.2 million square feet in northern New Jersey. Holliday Fenoglio Fowler, L.P. (HFF) marketed the transaction on behalf of The Hampshire Companies.
The portfolio comprises 200 Middlesex Avenue in Carteret (408,437 square feet); 39 Robinson Road in Lodi (73,373 square feet); 301 Mayhill Street in Saddle Brook (200,000 square feet); 30 Wesley & Worth in South Hackensack (245,824 square feet); and 5 Henderson Drive (210,530 square feet) and 2 Dedrick Place (80,000 square feet) in West Caldwell. All of the properties are in infill locations in established industrial submarkets and are near both demand drivers and major transportation arteries servicing their respective markets. The stabilized portfolio is 96 percent leased to a variety of tenants, including Continental Terminals, R.R. Donnelley, FreshPro Food Distributors and Sealed Air.
The Hampshire Companies team was led by principals and executive vice presidents Todd Anderson and Mark Rosen.
“Given its access to the Ports and major area highways, northern New Jersey has become a hub for logistics real estate,” said Anderson. “As e-commerce continues to grow it will fuel demand for logistics real estate. This demand will include new and existing space. Our northern New Jersey industrial portfolio offers immediate access to large population centers making it highly attractive for companies requiring last-mile facilities. With demand high and product limited now was the right time to execute our investment strategy and sell the portfolio. Together with our internal team at Hampshire, HFF proved to once again be an excellent partner in assisting us to market the transaction and produce a qualified buyer for the highly sought-after portfolio.”
The HFF team was led by executive managing director Joe B. Thornton, Jr., senior managing directors Jon Mikula and Jose Cruz, managing director David Giancola and associate director Robert Borny.
“We are excited to bring HFF’s full capital markets expertise in to help Hampshire execute an important strategic transaction,” said Mikula.
“This portfolio sale drew a significant amount of interest from the institutional community and represents the largest industrial sale in New Jersey this year,” added Cruz. “The potential rental upside and strategic locations resulted in very aggressive pricing as demand for core plus industrial in the state continues to be very strong.”
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate 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 HampshireRE.com. To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow the company on Facebook (facebook.com/hampshireco), Twitter (@hampshireco), and LinkedIn (linkedin.com/company/the-hampshire-companies).
Holliday Fenoglio Fowler, L.P., HFF Real Estate Limited (collectively, “HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.