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The Hampshire Companies Acquires Franklin Square Shopping Center in Bloomfield, New Jersey
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Added: 12/01/2006
Type: Summary
Viewed: 410 time(s)
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The Hampshire Companies Acquires Franklin Square Shopping Center in Bloomfield, New Jersey
The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1.5 billion, has recently purchased the retail shops in the Franklin Square shopping center in Bloomfield, New Jersey. The property was purchased on behalf of the Hampshire Generational Fund, LLC from DAM Bloomfield, LLC, an entity controlled by David A. Mack Properties.
Franklin Square is a 121,998 square foot grocery-anchored retail shopping center situated on the Bloomfield/Belleville town line in Essex County, New Jersey. The property was developed in phases from 1999 through 2002. The transaction included the sale of four units totaling 51,911 square feet of space with well known tenants including A.J. Wright, The Children's Place, Blockbuster, Washington Mutual and Sprint PCS. A Stop & Shop and McDonald's shadow anchor the shopping center.
"The Franklin Square property represents a strong strategic purchase for The Hampshire Generational Fund and should provide a stable cash flow over the long term for our investors," said Norman A. Feinstein, Executive Vice President of the Hampshire Companies. "The area surrounding the Franklin Square shopping center is very densely populated and is within a stable residential community. With little additional land in the immediate area available for future development, this asset should see steady business over time."
Jeffrey Dunne, Vice Chairman, and Ryan Bassett, Senior Associate of CB Richard Ellis' New York Tri-State Investment Team, represented both the seller and the buyer in the transaction.
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. |
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