The Hampshire Companies Announce Joint Venture with an Institutional Capital Partner at PortSouth Bryla, Carteret

On Aug 12, 2014

The Hampshire Companies has entered into a joint venture agreement with an institutional capital partner for the development of PortSouth Bryla, a 460,000-square-foot, state-of-the-art logistics center at 50 Bryla Street, in Carteret.

This modern facility features New Jersey Turnpike visibility with rail service; 36-foot clear ceiling heights; 95 loading docks; 107 trailer spots; 120-ft. truck courts and 52-60-ft. column spacing. The 33-acre site’s exceptional location is highlighted by its proximity to the NJ Turnpike (less than one mile from Exit 12) and Port Newark/Elizabeth, and its convenient access to Interstates 287, 78 and 278, as well as the Garden State Parkway. Additionally, the site is located in an Urban Enterprise Zone, providing specialized incentives to qualified businesses along with potential Grow New Jersey benefits.

“As we continue to revitalize the Port area it was important for us to align ourselves with a partner that shares our vision for this project and also mirrors our business acumen. We are excited to embark on this project with our new joint venture institutional partner as we work to create what will soon become one of the most sought after industrial spaces on the east coast,” said James E. Hanson II, President and CEO of The Hampshire Companies. “We look forward to growing our relationship and the opportunity to collaborate on future projects together.”

PortSouth Bryla will be highly appealing to tenants seeking modern generation features in a market with limited options for Class A space. Class A industrial represents only 7.6% of the total supply in New Jersey and there are no blocks of space greater than 300,000 sq. ft. north of Exit 10, demonstrating demand for new larger blocks of Class A development.

Jeffrey Dunne, Kevin Welsh, Brian Schulz and Frank Maresca of CBRE Group, Inc.’s Institutional Properties Group, combined with Michael Hines, Brian Fiumara and Brad Ruppel of CBRE’s National Partners in identifying a joint venture partner for PortSouth Bryla.

Mr. Welsh said: “This exceptional development was appealing because it offers a core industrial property in one of the top industrial locations in the US at an attractive risk-adjusted return, as well as a chance to partner with one of the leading industrial developers in New Jersey.”

CBRE Institutional Properties specializes in the sale of investment properties in the suburbanmarkets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed more than $9 billion in property sales in all property types over the last five years.

CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: ePort Logistics Center, a 103-acre, fully entitled development industrial site in Perth Amboy, NJ; 400 Plaza Drive, a 258,459-sq.-ft. Class A office building in Secaucus; 45 Waterview Boulevard a 106,680-sq.-ft., single tenant net lease office building in Parsippany;  2 Giralda Farms, a 146,366-sq.-ft. trophy office building in Madison; the Technology Centre of New Jersey, a 336,000-sq.-ft. life sciences and technology campus in North Brunswick, and The Shoppes at North Brunswick, a 149,142-sq.-ft. lifestyle center in North Brunswick.

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