Investors Shelbourne Global Solutions, of Brooklyn, purchased Perryville III, Hampton, NJ, in a private sale orchestrated by Cushman & Wakefield’s Metropolitan Area Capital Markets Group for $19.9 million. The 288,280-square-foot, three-story, Class A office building in the I-78 market of Hunterdon County incorporates a full amenity package and is located in one of New Jersey’s most active markets. Shelbourne, which owns and operates more than 5 million square feet of Class “A” office, industrial and flex space, invests in Central Business Districts and other emerging markets.
“Shelbourne recognized this as an excellent value-added play with the strong upside potential of below-market rental rates and available space,” said Cushman & Wakefield’s David Bernhaut, who handled the sale with team members Andrew Merin, Gary Gabriel, Andrew Schwartz and Ryan Larkin. “New Jersey’s I-78 Corridor submarket has become a hotbed for the pharmaceutical and technology industries and has the highest occupancy of all major northern New Jersey suburban office markets.”
Perryville III is situated between two four-way interchanges along I-78, providing fast access to the Lehigh Valley and Northern New Jersey’s corporate base. Located at 53 Frontage Rd., in the Perryville Corporate Park, Perryville III was built in 1996 to Foster Wheeler’s high-quality standards. The full amenities package features a two-story atrium lobby; a 12,000-square-foot cafeteria with outdoor seating and a game room; a conference center; two fitness rooms, outdoor tennis courts and basketball courts, and a jogging trail.
Shelbourne Global Solutions is in the process of rebranding the building. Moving forward, Perryville III will now be referred to as Shelbourne at Hunterdon.