NY Investor Grabs 288 KSF NJ Office Asset
- Jun 19, 2017
Shelbourne Global Solutions has closed on its $19.9 million purchase of Perryville III, a 288,280-square-foot, three-story office building located within the Perryville Corporate Park in Hunterdon County, N.J. According to Yardi Matrix, the seller was Crown Properties Inc., which acquired the property in 2004 for $17.5 million. The off-market transaction was brokered by the Cushman & Wakefield Metropolitan Area Capital Markets Group’s David Bernhaut, Andrew Merin, Gary Gabriel, Andrew Schwartz and Ryan Larkin. Shelbourne also recently acquired Metro Center in downtown Hartford, Conn.
Situated at 53 Frontage Road in Hampton, N.J., the asset is centrally located between exits 11 and 12, off Interstate 78, providing easy access from Pennsylvania’s Lehigh Valley to the west and Central New Jersey to the east. The property is bounded by the 354-acre Hoffman Park, stores and eateries.
“Shelbourne recognized this as an excellent value-added play with the strong upside potential of below-market rental rates and available space,” Bernhaut said in a prepared statement. “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.”
Re-branding on its way
The new owners have embarked on a re-branding process, renaming the Class A property Shelbourne at Hunterdon. Building amenities include a renovated two-story atrium lobby, a 12,000-square-foot, full-service cafeteria with outdoor seating and a game room, a conference center, two fitness centers, outdoor tennis and basketball courts, a jogging trail and 1,154 parking spaces.
The multi-tenant building is anchored by Mallinckrodt Pharmaceuticals, Celldex Therapeutics Inc. and Intel Corp.
Image courtesy of Yardi Matrix