Bronx, N.Y. – January 10, 2008 – The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1.5 billion, has announced the acquisition of a 59,100-square-foot medical/office building and a 21,000-square-foot retail building both located at 3250 Westchester Avenue in Bronx, N.Y. from Pelbay Associates, Inc. The acquisition was made on behalf of Hampshire Partners Fund VII, Hampshire’s $350 million institutional real estate investment fund.
Ideally located with close proximity to the New York City Subway System, the property is fully leased and is home to national retail tenants such as Dunkin Donuts, Baskin Robbins, Subway and CVS/Pharmacy. Medical tenants include Doschi Diagnostic, a multi-modality imaging center and premier radiological service provider and SurgiCare Ambulatory Surgery Center of New York, a state-of-the-art ambulatory surgery center.
“This acquisition allows us to expand our presence in both the medical and retail markets in an excellent demographic area,” said Norman A. Feinstein, Executive Managing Director of The Hampshire Companies. “In addition, this transaction provides significant growth potential for additional development opportunities.”
About Hampshire Partners Fund VII
Hampshire Partners Fund VII is a commingled, discretionary value-added real estate investment fund. The goal of Hampshire Partners Fund VII is to deliver superior, above-market returns to its institutional investors through the acquisition, repositioning and operation of investment-grade properties in attractive locations. The focus of investment for this value-add fund is on industrial, retail and suburban office products located in the growth corridors of the Northeast and Mid-Atlantic.
About The Hampshire Companies
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. Additional information on The Hampshire Companies and its funds is available online at http://www.hampshireco.com/.