North Jersey Media Group Signs Leaseback Agreement with The Hampshire Cos. for NJ Printing Facility
ROCKAWAY, NJ—February 6, 2015—HFF, a Florham, NJ-based provider of commercial real estate services, has arranged $10.5 million in financing for the sale and leaseback of a printing facility at 100 Commons Way, Rockaway, NJ, NJBiz.com reports.
The 352,461-square-foot facility is 100 percent leased by North Jersey Media Group, which earlier signed a leaseback agreement with Hampshire Partners Fund VII, a fund sponsored by The Hampshire Cos.
"We are maximizing the real estate value of our Rockaway property and reinvesting the proceeds into our publishing business," explained Stephen Borg, president, North Jersey Media Group. The agreement allows the publisher to prioritize its operations and human resources.
New Jersey Media Group publishes The Record and The Herald News, in addition to 49 community newspapers, (201) Magazine and more. It also operates NorthJersey.com and Bergen.com.
HFF worked on behalf of The Hampshire Cos. to secure seven-year, fixed-rate financing that will be used to acquire the property.
The building is split up into 150,756 square feet of production space and 57,116 square feet for warehousing and distribution. The remaining space is used for as an office, data center, cafeteria, parking garage, post office and other amenities.