Morristown, NJ (PRWEB) April 20, 2006 -- The Hampshire Companies, a full service, private real estate investment fund manager with equity in assets valued at over $1 billion, announced today the acquisition of three automobile dealership properties on a total of over 11 acres in Brevard County, Florida. The acquisition, valued at approximately $16 million, was made on behalf of Hampshire Generational Fund, one of the firm's private equity real estate investment funds tailored to high net worth investors.
Under this sale-leaseback transaction, Hampshire will own and manage the properties, while the individual dealership businesses will continue to operate status quo. The three automobile dealerships are strategically located in an area with other well established retail auto sales dealerships. The properties are located within "Florida's Space Coast," in close proximity to Interstate 95. The purchase includes Boniface-Hiers Chrysler Dodge (25,787 sq. ft.) located at 1775 East Merritt Causeway in Merritt Island, Boniface-Hiers Mazada-Kia (17,800 sq. ft.) located at 880 South Apollo Boulevard in Melbourne and Infinity of Melbourne located at 901 South Apollo Boulevard in Melbourne.
The properties were purchased from BCD Dealership, LLC, BMK Dealership, LLC and BIN Dealership, LLC in a sale-leaseback transaction. Andrew Sandquist, Vice President at CB Richard Ellis' Oak Brook, Illinois office represented The Hampshire Companies in the transaction while Marcus & Millichap represented the sellers.
"The Boniface properties fit perfectly with the Hampshire strategy of acquiring properties that are well-located, provide stable cash flow for our investors and represent a tremendous value for our tenants," said Norman A. Feinstein, Executive Vice President of The Hampshire Companies. "The current tenants will be able to continue successful retail operations while The Hampshire Companies has the flexibility to further develop the properties and to generate additional value for our investors."
The Hampshire Generational Fund, LLC, is a commingled, discretionary real estate investment fund. The goal of the Fund is to deliver superior, above-market returns to its investors through the acquisition and operation of industrial, retail, and office properties as well as an investor in other real estate funds.
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 www.hampshireco.com.
Press Contact: John Lonsdorf
Company Name: R&J PUBLIC RELATIONS, LLC
Email: jlonsdorf@randjpr.com
Phone: 908-722-5757
Website: www.hampshireco.com
AndhraNews.net News for April 20, 2006
