Diversified Properties, one of the region’s most experienced commercial real estate builders and owners, and The Hampshire Companies announce the acquisition of a 40,000-square-foot industrial building at 72 N. Washington Avenue in Bergenfield, N.J. Greg Sabato and Tom Consiglio of Resource Realty of Northern New Jersey represented the seller in the off-market transaction. Sabato and Consiglio also represented Diversified Properties and The Hampshire Companies in the lease modification and extension.
Situated along Bergenfield’s commercial corridor, 72 N. Washington Avenue is a two-story, fully leased industrial building on 0.24 acres. Prior to Diversified Properties and The Hampshire Companies’ acquisition of the property, a long-term lease renewal was negotiated with the building’s only tenant, Cooper Electric, a Sonepar Company based in Germany.
Fully leased to a credit-grade tenant, 72 N. Washington Avenue was a rare acquisition opportunity in the current market and will further reinforce Diversified Properties and The Hampshire Companies’ extensive portfolios of industrial assets throughout northern New Jersey.
As part of the transaction, the firms also acquired an adjacent, multifamily residential building at 21 West Church Street. Diversified Properties and The Hampshire Companies are evaluating redevelopment options for the property as a component of their long-term ownership strategy for the site.
“In a market where opportunities to acquire fully leased industrial properties with credit-grade tenants are few and far between, the acquisition of 72 N. Washington Avenue stands out,” said Nicholas Minoia, Founder and Managing Principal of Diversified Properties. “Not only does this transaction mark the addition of another high-quality industrial property to our growing northern New Jersey industrial portfolio but the adjacent multifamily component provides unique value-add potential that is hard to find in the current market; particularly in Bergen County.”
Deborah P. Hanson, EVP and Principal of The Hampshire Companies added, “Our diversified investment platform enables us to uncover unique real estate investment opportunities and drives results from multiple asset sectors. The industrial and multi-family markets have been resilient to the challenges other asset classes have faced during the pandemic. This acquisition with Diversified Properties will enable both firms to leverage their decades of hands-on experience to drive value at both sites.”
The deal marks Diversified Properties and The Hampshire Companies’ most recent joint venture and second industrial acquisition in northern New Jersey over the last 12 months. Late in 2020, the two firms acquired Mars Industrial Park, a stabilized five-building, 100,000-square-foot industrial portfolio located in Montville, N.J. Along with the acquisition, the joint venture partners also brought a 98,000-square-foot CubeSmart self-storage facility to a nearby site in Montville in early 2021.
Diversified Properties is actively seeking acquisition opportunities across all asset classes in the tri-state area. Please contact James Pancetti at JPancetti@DiversifiedProperties.com to discuss new opportunities.
About Diversified Properties
Diversified Properties is one of the region’s most experienced commercial real estate developers and owners with a diverse portfolio of high-quality, value-add assets throughout the northeast and a veteran team of real estate professionals. Diversified Properties leverages its entrepreneurial approach and multi-disciplinary in-house capabilities to capitalize on opportunistic ground-up development and redevelopment projects in key growth markets. Driven by a passion for building, Diversified Properties leverages its extensive hands-on experience to drive value and create spaces where businesses and communities can thrive.
Follow Diversified on Facebook at facebook.com/DiversifiedPropertiesLLC, LinkedIn at linkedin.com/company/diversifiedproperties, and Twitter at twitter.com/DivPropNJ.
For more on Diversified Properties, please visit https://www.diversifiedproperties.com/.
About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate firm 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. Additional information on The Hampshire Companies is available online at HampshireRE.com.
To stay connected with The Hampshire Companies and for updates on the latest transactions and news follow Hampshire on Facebook, Twitter and LinkedIn.
R&J Strategic Communications