March 14, 2017
Circle Squared Alternative Investments teamed with the Hampshire Cos. to buy a six-acre industrial property at 1500 Blair Rd. in Carteret, NJ. The JV investment provides an opportunity to develop a 156,000-square-foot, Class A industrial property in a market in which new industrial product is limited.
The warehouse, which is estimated to go north at approximately $16 million, will be built on land that will be ground leased for a term of 50 years, with two renewal options consisting of 20 and 25 years each.
“Carteret has become the premiere location for logistics-oriented real estate in New York Metropolitan area,” said Jeffrey Sicao, Circle Squared president and CIO. “We are very excited to have the opportunity to be a part of the rebranding of this great community.”
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