Business
Newmark Serves as Strategic Advisor for The Hampshire Companies on a $300M Recapitalization of the Fairfalls Logistics Portfolio
RUTHERFORD, N.J., Aug. 28, 2024 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and
About this update from Newmark Group, Inc.
[{"type":"text","content":"RUTHERFORD, N.J., Aug. 28, 2024 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) (\"Newmark\" or \"the Company\"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces it has served as a strategic advisor to The Hampshire Companies on a $300 million recapitalization of The Fairfalls Logistics Portfolio (\"Portfolio\") and assisted in procuring a joint venture (\"JV\") equity partner. The transaction was facilitated by Newmark's Executive Managing Director Kevin Welsh and Global Head of Industrial and Logistics Jack Fraker with Managing Director Brian Schulz.\n\n \n \n \n \n \n \n\n \nCurrently 92% leased, the Portfolio totals 1.35 million square feet of light industrial space across 30 strategically located buildings with an average building size of 45,000+/- square feet. The Portfolio provides critical mass and operational efficiency within the regional port-centric market, offering unparalleled accessibility to major Northeast corridors and a broad user base. With a large concentration in Fairfield, providing direct access to critical highways such as I-80 and Route 46, the Portfolio also spans Little Falls, Elmwood Park and Carteret, New Jersey.\n\"The Newmark team is proud to have secured the JV partner on behalf of Hampshire to accommodate the recapitalization of its expansive industrial portfolio,\" said Welsh. \"The new partnership, combined with Hampshire's decade-long stewardship of the Portfolio, will drive near-term value through mark-to-market rental increases and long-term capital appreciation through enhancing the Portfolio's market position.\"\nHighlights of the Portfolio include broad zoning capabilities that support warehousing, manufacturing and light industrial uses, accommodating a diverse range of tenants across various industries and sizes. Additionally, ownership has invested $14.3 million in capital improvements, including new roofs and parking lots, to ensure the properties remain at the forefront of the market.\nNorthern New Jersey remains a prime location for industrial real estate, benefiting from a deep and dense labor pool, excellent regional highway infrastructure and status as a gateway to the largest metropolitan population base in the country and the ports of New York and New Jersey, the s...