Hampshire Management has sold a 122,000-square-foot Warren industrial property, according to real estate services firm Cushman & Wakefield.
The year-end transaction saw Devli Group acquire the two-building flex site at 150 Mount Bethel Road for an undisclosed price. The C&W Metropolitan Area Capital Markets Group facilitated the deal.
For C&W, Andrew Schwartz headed the assignment, helped by Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin.
“The seller acquired the building vacant in 2010 and implemented an aggressive leasing strategy that brought it to 88 percent occupancy,” Schwartz said in a prepared statement. “The property’s seven tenants have a weighted average remaining lease term of nine years. This stability, combined with the opportunity to lease up the remaining space, made it an attractive opportunity.”
The property has a variety of uses, including warehouse and distribution, light manufacturing, laboratories, offices and more, C&W said.
“Today’s investors are looking for properties with upside, and 150 Mount Bethel Road is a great illustration of this trend,” Larkin said. “The pursuit of assets where value can be added, whether through development/redevelopment or lease-up/retenanting, is a common denominator in today’s market.”
