Cushman & Wakefield and Shelbourne Global Solutions announced on Friday a year-end acquisition of a warehouse building and two parcels of land in Hunterdon County, greatly expanding Shelbourne’s holdings in Perryville Corporate Park and adding to its growing New Jersey portfolio.
The acquisition from Wood PLC is known as condominium Units 4, 5 and 6, totaling 196 acres, in addition to Unit 2, which is improved with a 30,400-square-foot storage facility that was sold under a long-term leaseback. Units 5 and 6, also known as the West Parcel, have been designated by the township for residential development. Unit 4 totals 111 acres of unentitled land and is slated for industrial development.
“Given our success at Perryville III, a three-story, 288,280-square-foot, Class A office building, which is over 96% occupied, we were encouraged to make a larger commitment to the park,” according to Rafi Lipschitz, Shelbourne’s senior portfolio manager.
“It is our desire to seek approvals on both parcels, in an effort to develop the land and unlock the economic value for the township,” Lipschitz added.
“Given the strength of the logistics market along western (Interstate) 78, we will be seeking approvals for light industrial and warehouse and distribution space — with an eye toward protecting the character of the local community — that will not only create jobs, but will provide much needed space for the growing industrial sector,” David Schick, senior strategist for Shelbourne, said.
Cushman & Wakefield’s Capital Markets Group spearheaded the marketing efforts for Wood PLC. The transaction team included David Bernhaut, Gary Gabriel and Kyle Schmidt along with Al Edwards and Heather Gulesserian of the firm’s Global Occupier Services Group. Wood PLC was represented internally by Andrew Gould, Bill Lee, John Allen and Martin Barbato.