Brooklyn-based Investors Shelbourne Global Solutions has picked up Perryville III, a Class A office building in the I-78 market of Hunterdon County. The $19.9 million deal encompasses a three story, 288,280-square-foot building at 53 Frontage Rd., in the Perryville Corporate Park. The full amenities package features a 12,000 square foot cafeteria with outdoor seating and a game room, a conference center, two fitness rooms, outdoor tennis and basketball courts along with a jogging trail. Shelbourne Global Solutions will rebrand the building as Shelbourne at Hunterdon. The private sale was overseen by Cushman & Wakefield’s Metropolitan Area Capital Markets Group.
“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.”
