It was just a little more than two years ago when JLL Capital Markets arranged $39 million in acquisition financing for a joint venture between The Hampshire Companies and Invesco Real Estate to purchase a warehouse and distribution facility in Teterboro.
Now the Hampshire Invesco joint venture sold the fully-leased 221,448 sq ft warehouse to Principal Real Estate Investors, picking up a sale price of $74.5 million, about double what the investors paid, according to NJ Property Records. CoStar originally reported the news on Aug. 18.
NJ Property Records show a sale price two years ago of $35.5 million with the deed recorded Feb. 8, 2023. According to the deed information, the property was sold on Aug. 5 for $74.5 million to CSHV, LLC, a Delaware company operating under Principal Real Estate Investors, Des Moines, Iowa.
The 221,448 sq ft warehouse at 333 North St. sits on 8.38 acres in the Meadowlands industrial market and features 22-foot clear heights, 15 dock-high doors, and 11 drive-in doors.
The property is fully leased to Fashion Logistics, a longtime tenant with company headquarters in Hasbrouck Heights. The third-party logistics provider specializes in warehouse management, distribution, and supply chain management services for the lifestyle and fashion industries.
Demand for warehouse and distribution space in the Meadowlands region remains high, fueled by the continued growth of eCommerce and the need for last-mile delivery operations. The property, situated in the heart of the Meadowlands, has easy access to just about every major artery that matters: New York City bridges and tunnels, Interstate 80, the New Jersey Turnpike, Route 46, Route 9, Newark Liberty International Airport, and the Port of New York and New Jersey.
