Investors Shelbourne Global Solutions, of Brooklyn, purchased Perryville III 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 IIIwas 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.
Based in East Rutherford, N.J., Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Conn., Pennsylvania, and Delaware. The team has completed $25 billion worth of transactions since 2000, closing on over $3.2 billion in 2016.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visitwww.cushwakecentennial.
About Shelbourne Global Solutions
Shelbourne Global Solutions is a fully integrated real estate company headquartered in Brooklyn, New York. Shelbourne is responsible for the ownership, management and re-positioning of commercial properties. Shelbourne's focus is to invest in Central Business Districts and other emerging markets- leveraging the area’s history with its potential. Shelbourne owns and operates over 5 million square feet of Class “A” office, industrial and flex spaces.
