18B — July 14 - 27, 2017 — New Jersey — M id A tlantic
Real Estate Journal
www.marejournal.com
N ew J ersey
AMPTON, NJ — In- vestors Shelbourne Global Solutions, of Private Investors Recognize Value-Added Potential in Strong I-78 Corridor Market Cushman & Wakefield arranges sale of Perryville III in Hunterdon County, NJ H
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 Me- rin, Gary Gabriel, Andrew Schwartz and Ryan Larkin. “New Jersey’s I-78 Corridor submarket has become a hot- bed 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 inter-
changes along I-78, provid- ing fast access to the Lehigh Valley and Northern New Jersey’s corporate base. Lo- cated 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 s/f 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. In a separate transaction, Cushman &Wakefield has or- chestrated the sale and partial lease-back of 55 South Park Place on the Green, a 22,000 s/f office building also known as the New Jersey Monthly Building, to Park View Part- ners, LLC (a subsidiary of Paragano Real Estate Man- agement, LLC). “This prominent building was originally home to the Daily Record newspaper and has been New Jersey Monthly Magazine’s base of opera- tions for the past 25 years,” said Cushman & Wakefield managing director Frank Truesdell , who represented the owners, trading as DBR One LLC, in the sale. “Given the recent appreciation in the Morristown market, the time was right for the owners to bring the property to market and still maintain their offices in Morristown.“ The buyer is planning to redevelop the building to cre- ate first-class space for New Jersey Monthly Magazine, which is leasing back 9,300 s/f on a long-term basis. The new owners are exploring concepts to redevelop 55 South Park Place to take advantage of the on-going renaissance and revitaliza- tion of Morristown. “The remaining 14,000 s/f is available for lease and could accommodate either first-floor retail with front- age on the Morristown Green or an office tenant on the second floor with potential to develop the loft space on the third floor, creating addi- tional high-end office space,” Truesdell added. n
Brooklyn, purchased Per- ryville III in a private sale orchestrated by Cushman & Wakefield’s Metropoli- tan Area Capital Markets Group for $19.9 million. The 288,280 s/f, 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 s/f of class A office,
Perryville III
industrial and flex space, invests in Central Business Districts and other emerging
markets. “Shelbourne recognized this as an excellent value-added
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