The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at more than $2.5 billion, has announced the sale of PortSouth Milik, a 232,134-square-foot industrial building located at 200 Milik Street in Carteret, N.J. to TIAA-CREF.
Acquiring the former Pathmark office headquarters site in June 2011, Hampshire transformed the space into a modern, LEED certified warehouse and industrial logistical center that ultimately attracted FedEx Ground as a tenant. The building is strategically located with easy on and off access to the New Jersey Turnpike at exit 12, minutes from Port Newark/Elizabeth and Newark Liberty Airport. Additionally the site offers excellent commuter and freight transportation with accessibility to major highways.
"200 Milik Street's design and location make it an attractive addition to Carteret's thriving industrial marketplace," said Igor Derbaremdiker, Senior Investment Manager for The Hampshire Companies. "Our ability to acquire, transform the site, secure FedEx Ground as a tenant and sell 200 Milik Street within a four year period enabled us to meet our investment returns. Our ability to act quickly allowed us to capitalize on this exciting New Jersey Port opportunity."
The exit 12 industrial market has emerged as a leading industrial marketplace over the past few years. Hampshire's foresight to invest in Carteret's commercial real estate is a testament to the company's ability to read the marketplace and its means to deliver high quality, strategically located space that meets the needs of today's global companies and brands.
Jeffrey Dunne, Kevin Welsh and Brian Schulz of CBRE Institutional Properties represented The Hampshire Companies in the transaction.
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About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment firm based in Morristown, N.J. 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. Additional information on The Hampshire Companies is available online at HampshireRE.com.
R&J Public Relations