The Hampshire Cos.’ recently sold, 1.2 million-square-foot industrial portfolio includes six buildings spread around northern and central New Jersey.
By Joshua Burd
The Hampshire Cos. has sold a six-building, 1.2 million-square-foot industrial portfolio in New Jersey for nearly $147 million, in a deal brokered by HFF that represents one of the largest in recent years for the state’s warehouse and distribution market.
The 96 percent leased portfolio includes:
- 200 Middlesex Ave. in Carteret (408,437 square feet);
- 39 Robinson Road in Lodi (73,373 square feet);
- 301 Mayhill St. in Saddle Brook (200,000 square feet);
- 30 Wesley St. in South Hackensack (245,824 square feet);
- 5 Henderson Drive in West Caldwell (210,530 square feet);
- 2 Dedrick Place (80,000 square feet) in West Caldwell
Hampshire and HFF did not disclose the name of the buyer, but the $146.85 million deal is the latest sign of investor demand for industrial space in New Jersey. In a news release, the Morristown-based developer and owner said all of the properties are in infill locations in established submarkets and are near large populations and major transportation arteries servicing their respective markets.
The portfolio is leased to tenants including Continental Terminals, R.R. Donnelley, FreshPro Food Distributors and Sealed Air.
The Hampshire Cos. 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,” Anderson said. “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.
Cruz added that the portfolio sale “drew a significant amount of interest from the institutional community and represents the largest industrial sale in New Jersey this year.
“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,” Cruz said.
