Hampshire Partners Fund VII Acquires Siemens building in Iselin, NJ
Iselin, NJ (PRWEB) May 17, 2009
Hampshire Companies, a full service, private real estate fund manager investment with equity in assets valued at over $ 2 billion dollars has announced the acquisition of an office building with four floors 98,459 square feet located at 186 Wood Avenue Iselin, NJ from Siemens Corporation. The acquisition was made on behalf of Hampshire Partners Fund VII, Hampshire $ 350 million institutional real estate investment trust.
Located on over 19 acres, the property is ideally located in the heart of Metropark, offering near New Jersey Transit, the Garden State Parkway, NJ Turnpike, I-287 and Routes 1 and 27.
Hampshire Companies plan to redevelop the site through a phased approach strategy involving the acquisition of the existing building down to steel and completely renovated, and a new building project second. Once renovated and expanded, the existing building will be the new gateway for the site development Hampshire businesses. The site will be designed to create a signature image for the construction and future development.
The expansion of the existing building will create a 110,000 square foot, four-story, class A office building with floor to ceiling glass and a spectacular installation of 2500 square feet rooftop penthouse conference, opening onto a green roof proposed. The building will be designed to accommodate multiple tenants and Hampshire pursuing LEED Silver. The site also provides the ability to build up to 741,000 square feet, Hampshire who will look to develop over time.
“This site gives us the unique opportunity to create one of the developments of office while the state,” said Todd Anderson, a leading corporate Hampshire. “The demand for tenants in the region is evident in the exceptional base of Fortune 500 companies located in Metropark. Our redevelopment and planned upgrades to the property to turn the site into a place of first seat quality for a variety of leading companies. “
Jeffrey Dunne and Kevin Welsh of CB Richard Ellis Institutional Group in New York collaborated with Jeffrey Babikian behalf of Siemens Corporation.
About Partners Fund VII Hampshire
Hampshire Partners Fund VII is a mixed, discretionary value-added real estate investment trust. The goal of Hampshire Partners Fund VII is to provide superior returns in excess markets to institutional investors through the acquisition, repositioning and operation of quality investment properties in attractive locations. The investment objective of the fund value-added products for the office is industrial, retail and suburban located in growth corridors of the Northeast and Mid-Atlantic.
About The Hampshire Companies
The Hampshire Companies is a full service, private real estate fund manager based investment Morristown, New Jersey. The Hampshire Companies is a dynamic organization that combines creative vision and superior execution, thereby enabling it to
Create and increase the value of real estate investments in order to always better than the market. Additional information on The Hampshire Companies and its funds is available online at http://www.hampshireco.com.
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