Morristown, NJ (April 27, 2004) -- The Hampshire Companies announced the acquisition of the former Prentice-Hall building at 240 Frisch Court in Paramus, a three-story, 65,000 square-foot office building located in one of New Jersey's premier corporate locations. The property was acquired from J.P. Morgan Fleming on behalf of The Hampshire family of self-managed private real estate investment funds managed by The Hampshire Companies, according to fund President Norman A. Feinstein.
The Hampshire family of funds is a group of private placement investment fund that invests primarily in or acquires commercial real estate and related investments. The goal of each fund is to deliver superior, above-market returns to its investors through the acquisition, repositioning and management of investment-grade properties throughout the United States.
Jonathan D. Stravitz, Esq., Director of Corporate Accounts in NAI James E. Hanson, Inc.'s Corporate Services Group represented The Hampshire Companies in the transaction, and will continue on as the Exclusive Leasing Agent for the property. The seller, J.P. Morgan Fleming, was represented in the transaction by David Simson, President; and David Csontos, Senior Vice President of GVA Williams. Peter Nicoletti of J.P. Morgan Fleming managed the disposition of the asset.
"This acquisitions illustrates the core strategy of The Hampshire Companies, namely to acquire quality properties that have the potential to produce income for our investors, and to efficiently and effectively manage them to achieve maximum return," noted Feinstein. "We believe that we can quickly re-position this property to make it attractive to tenants in the marketplace, and, working closely with NAI James E. Hanson, Inc., that we will soon see leasing activity at the building."
The property is a 3-story office building situated across the street from the Bergen Mall, immediately off Route 4, formerly occupied by publishing giant Prentice-Hall. It is the goal of The Hampshire Companies to update the appearance and some of the building's systems to re-position it within the marketplace as a desirable Class-A multi-tenant office environment.
"We are pleased that both owners and brokers in the commercial real estate community have helped The Hampshire Funds to identify promising acquisitions that should yield substantial returns for our investors," noted Feinstein. "We are actively seeking out additional acquisitions of office, retail and industrial properties in the Northeast."
The Hampshire Companies, led by its Chairman, Jon F. Hanson, is a third-generation, full-service real estate organization with over 80 years of experience and a mission to create and enhance value from investments in real estate opportunities. The Hampshire Companies' philosophy is rooted in the belief that a steady, conservative investment outlook will allow the company to succeed regardless of underlying economic conditions. Being cautiously opportunistic, the firm consistently realizes returns higher than industry standards by creating and capitalizing on opportunities untapped by the market. The company operates a diversified national portfolio of properties totaling over 14.7 million square feet. Additional information on The Hampshire Companies and its funds is available online at www.hampshireco.com.
