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The Hampshire Companies Acquires the Solo Cup Distribution Center in Hampstead, MD - 1,035,250 SF
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Added: 04/25/2005
Type: Summary
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The Hampshire Companies Acquires the Solo Cup Distribution Center in Hampstead, MD - 1,035,250 SF
April 25, 2005 -- The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1 billion, today announced the acquisition of the Solo Cup Company Distribution Center in Hampstead, MD, a 1,035,250 SF industrial facility. The acquisition was made on behalf of Hampshire Partners Fund VI, a commingled, discretionary value-added real estate investment fund, and was valued at $37.5 million.
The Solo Cup Company Distribution Center is strategically located at the southwest corner of Houcksville Road and Route 30 (South Main Street) in Carroll County, approximately 20 miles north of Solo’s Owing Mills, MD Regional Office and Manufacturing facility. Solo Cup Company is a leading global manufacturer of disposable food service products based in Highland Park, Illinois.
The property was constructed in 2000 as a build-to-suit for Sweetheart Cup Company, who’s parent company SF Holdings was acquired by Solo in September of 2004. The facility remains under a long term lease.
Hampshire Partners Fund VI is a commingled, discretionary value-added real estate investment fund, and the sixth fund to be closed by Hampshire. The Fund completed its capitalization in late 2004, raising $235 million from 15 investors, including endowments, foundations, insurance companies and public and private pension funds. The goal of the Fund is to deliver superior, above-market returns to its investors through the acquisition, repositioning and operation of investment-grade properties. The investment focus for this value-add fund is on industrial, retail and suburban office product located in the growth corridors of the Northeast and Mid-Atlantic states.
“The acquisition of the Solo Cup distribution facility in Hampstead, Maryland fits very nicely with our investment focus and strategy,” commented Norman A. Feinstein, Executive Vice President of The Hampshire Companies. “We are very adept at seeking out well-located, investment-grade facilities that are attractive to, or currently under lease to credit tenants, thereby delivering above market returns for our investors. This particular property is a high quality asset that offers great long-term cash flow stability.”
Jeff Dunne and Steven Bardsley of the CB Richard Ellis New York Tri-State Investment Team partnered with Ketchum Secor of the firm’s Baltimore office to represent the seller, DM Development Inc. and LC Development, entities controlled by Cappelli Enterprises.
The Hampshire Companies is noted for its strategic vision and superior execution. “We have built our firm on the belief that real estate is both an art as well as a science,” said James E. Hanson II, President and Chief Executive Officer of The Hampshire Companies. “Our strategic vision – the ‘art,’ so to speak, allows us to seek out superior investment opportunities for our funds, and to visualize opportunities where others see only challenges. The ‘science’ is revealed in our ability and resources to execute on our strategic vision faster and with better results than most other real estate firms.”
The Hampshire Companies is a full-service, private real estate investment fund manager 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 in order to consistently outperform the market. Additional information on The Hampshire Companies and its funds is available online at www.hampshireco.com.
Media Contact:
Jason Ledder
R&J Public Relations, LLC
(908) 722-5757
www.RandJpr.com
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