Investment Pillars

Hampshire’s value proposition of 60 years’ experience being a real estate operating company with a diversified investment platform enables Hampshire to uncover unique real estate investment opportunities and drives results from multiple asset sector(s) ranging across the Value/Risk spectrum: Core-Value Add and Opportunistic/Risk.   

Today, the Investment Pillars of Hampshire are:

Asset Sector
Fund Strategy
Geography
Present Focus
Industrial
Core
Northern NJ
Stable/Leased
Light Industrial/
Warehouse
 
Value-Add
Northern NJ
Re-development/ Repositioning
Retail
Core
US-East Coast
Necessity Retail
 
Value-Add
Northeast
Re-development/ Repositioning
Self-Storage
Value-Add
Northeast
Merchant
Developer
Office/
Mixed Use
Value-Add
Northern NJ
Redevelopment
Medical Office
Value-Add
Northern NJ
Build to Suit
Case Histories

Industrial

Bryla Building

50 Bryla

The transformation began at 50 Bryla when Hampshire siezed a unique opportunity. The site was encumbered with an obsolete 240,000 SF building. But a chance opened to increase acreage from 15 acres to more than 20, allowing the development of a new 460,000 SF warehouse distribution facility.

Obstacles to redevelopment included zoning restrictions against industrial use, limited developable acreage, wetlands, environmental and landfill closure issues. On the upside, the property was located in a designated redevelopment area.

We worked closely with the local Carteret administration, which eventually allowed us to develop a warehouse/distribution facility. With persistence we were able to address the landfill, environmental and wetland issues with the Department of Environmental Protection. The result was an increased useable acreage of 20% and a new “best in class” 460,000 SF warehouse/distribution building. Marketing for a tenant began during construction. The building was completed with no downtime and Serta Mattress signed a long-term lease in 2015.

Retail

Retail

Garden City Center

A sourced opportunity through a competitive open market bid process, Garden City is a newly developed retail property that was purchased by Hampshire from the developer.

The 176,000 SF center is anchored by BJ’s Wholesale Club and LA Fitness, whose leases run through 2032 and 2027, respectively.

The location is in a dense area with over 500,000 residents in a 5-mile radius and a median income of nearly $90,000. The property is newly constructed with long-term NNN lease structures, reducing leasing risk and potential changes in operating expenses.

Garden City is adjacent to the Roosevelt Field Mall, a 2.2 million SF high end shopping mall, attracting a strong base of affluent retail traffic. Located 20 miles east of Manhattan, the property has great visibility, multiple entrances, and is located at an intersection that averages over 38,000 vehicles per day.

The property is part of a PILOT tax abatement program running through 2021, lowering the tax expense burden while receiving fixed tax payments from the tenants.

Self-Storage

Bloomfield

Bloomfield

Located on Orange Ave. in Bloomfield, NJ, this redevelopment project is a prime example of Hampshire’s ability to see potential value in real estate where others have not.

Hampshire acquired the 1.25 acre property from Merck Co. in February, 2013. The former 35,000 SF testing laboratory on the site remained vacant for nearly 20 years after the large neighboring pharmaceutical plant closed. HRE saw that the market was under supplied for self-storage and believed the location could be successful given the potential visibility from the Garden State Parkway and the property’s adjacency to a busy Home Depot. But in order to create enough development yield on the small site, entitlements needed to be obtained for a 6-7 story structure. Hampshire and its team of professionals worked closely with Bloomfield Township officials and achieved the requisite height and use variances. A new 78,000 SF, Class A facility was completed in July, 2015. The operation is currently managed by Extra Space, Inc. as part of a larger strategic alliance. In addition, Extra Space also purchased a 50% interest in the project in December, 2015.

Office

175 Park Avenue

175 Park

This sourced opportunity took a functionally obsolete 200,000 SF Verizon switching/call station that Hampshire purchased for approximately $20 PSF, a significant discount on normal unimproved land value of $65-$75 PSF FAR. Our vision was to turn the facility into a Class AA corporate headquarters. No competing product was in the market.

The transformation and development began when a world-class architect, Kohn Pederson Fox, was engaged to execute the vision. The building was stripped down to its steel frame, the middle section removed and replaced with a connector/link extending the remainder, which was expanded from 200,000 to 270,000 SF. Full height glass was installed throughout. The final transformation included a fully integrated landscape program with green roofs. The project was awarded a Gold LEED certification for the interiors and a Silver LEED for the exterior.

Prior to completion, we secured a long-term lease with Realogy Corporation for its global headquarters.

Medical Office

Medical Office

Montclair NJ

Hampshire has been selected by Hackensack UMC Mountainside Hospital to develop a new 60,000 SF medical office building. The project is a complex infill redevelopment that spans the municipal boundaries of both Glenn Ridge and Montclair, NJ and involves elements of planning for the entire hospital campus area.

Hampshire and Mountainside Hospital have worked closely with both residents and town officials to ensure a balance between project goals and those of the many stakeholders in the community. The entitlement process is anticipated to be finished by second quarter of 2016. Upon completion, HUMC Mountainside will lease 50% of the building and the balance will be marketed for lease to affiliated physician groups.