Commercial real estate firm The Hampshire Cos. recently completed the sale of a 1.2 million-square-foot, six-building industrial portfolio in New Jersey for $146.85 million to an undisclosed buyer.
Two Hampshire Cos. principals and executive vice presidents, Todd Anderson and Mark Rosen, led the transaction alongside HFF.
“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.”
The Hampshire Cos. said the portfolio is 96 percent leased.
It is comprised of:
“With demand high and product limited, now was the right time to execute our investment strategy and sell the portfolio,” Anderson said. “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.”
HFF’s team was led by Joe Thornton Jr., managing director; Jon Mikula and Jose Cruz, senior managing directors; David Giancola, managing director; and Robert Borny, associate director.
“This portfolio sale drew a significant amount of interest from the institutional community and represents the largest industrial sale in New Jersey this year,” Cruz said. “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.”
Current tenants in the portfolio include Continental Terminals, R.R. Donnelley, FreshPro Food Distributors and Sealed Air.