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The Hampshire Companies Announces Sale of 64,000 Sq. Ft. Retail Building in Chicopee, MA
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Added: 07/16/2005
Type: Summary
Viewed: 568 time(s)
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The Hampshire Companies Announces Sale of 64,000 Sq. Ft. Retail Building in Chicopee, MA
July 15, 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 disposition of a 64,000 square foot retail building at 650-B Memorial Drive in Chicopee, MA. The sale, valued at approximately $4.16 million, was made through The Hampshire Generational Fund. The building was purchased by Mesirow Realty Sale-Leaseback Inc., an arm of the Mesirow-Heller Corporate Real Estate Fund, an investment partnership based in Chicago.
The 650-B Memorial Drive building is a free-standing retail building, fully-leased to Big Y World Class Market under a long-term lease. It is within a larger retail development in a dynamic suburban location, and is co-anchored by a BJ’s Wholesale Club.
“Although this is a superior property in a superb location, it did not fit strategically into our overall investment strategy at the present time,” commented Norman A. Feinstein, Executive Vice President of the Hampshire Companies, who noted that the proceeds from the sale were part of a tax-deferred exchange transaction to acquire a controlling interest in a suburban office property in Northern New Jersey.
The Hampshire Generational Fund was represented in the transaction by Chris Bosworth, Senior Vice President of CB Richard Ellis’ Triple Net Sales Group in Atlanta, Georgia, an institutional quality group that specializes in selling portfolios or single tenanted assets throughout the United States.
The Hampshire Generational Fund, LLC is a commingled, discretionary value-added real estate investment fund. The goal of the Fund is to deliver superior, above-market returns to its investors through the acquisition and operation of industrial, retail, and office product as well as an investor in other real estate funds.
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.
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