The Hampshire Companies, a full service, private real estate investment firm, announces the sale of the Hackettstown Commerce Park, a 197,438-square-foot flex industrial complex in Hackettstown, N.J. to Devli Group. The complex comprises three buildings located at 101 and 103 Bilby Road, and 715 Willow Grove Street and includes 2.74 acres developable land at 717 Willow Grove Street and 5.13 acres of developable land at 713 Willow Grove Street.
Currently 88 percent leased, the Hackettstown Commerce Park features flexible unit sizes from 2,600-30,000 square feet with 24’-25’ clear ceilings and ample parking. The complex boasts easy access to Route 46 and Interstate 80, the second-longest interstate highway in the nation. The property is also located in close proximity to Hackettstown Medical Center, Mars Chocolate’s North American headquarters, the International Trade Center and Picatinny Arsenal, each of which serve as draws for leading tenants in the area. Currently leasing space in the complex are a diverse range of tenants including the United States Department of Agriculture, Andrex, Rollon, Computer Wholesalers, Inc., Rotarex and On-Demand Technology Solutions.
“The New Jersey’s north west industrial market is becoming an attractive location for investors seeking opportunities to acquire stable and income-generating properties with lower barriers to entry compared to markets to the east,” said Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies. “Upon our recent stabilization of this asset, we recognized that market demand had perfectly aligned with the exit strategy for this property and our investment pro-forma. The combination of these factors played a pivotal role in our ability to return considerable investment dollars to our investors.”
Andrew Merin, Andrew Schwartz and Ryan Larkin of Cushman & Wakefield 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 with assets valued at more than $2.3 billion 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 www.hampshirere.com.
R&J Strategic Communications