By Joshua Burd
A commercial real estate firm has expanded its New Jersey portfolio with the purchase of a warehouse and nearly 200 acres in Hunterdon County, according to Cushman & Wakefield.
The New York-based firm, Shelbourne Global Solutions, paid an undisclosed price to acquire the two development parcels and the 30,400-square-foot storage facility, both in the Perryville section of Union Township, under a long-term sale-leaseback with Wood PLC. The parcels include an 85-acre western section that the township has designated for residential development, along with 111 acres of unentitled land that is slated for industrial development.
The deal also adds to Shelbourne’s existing footprint within what’s known as Perryville Corporate Park at on Frontage Road, just south of Interstate 78 and Route 22.
“Given our success at Perryville III, a three-story, 288,280-square-foot, Class A office building, which is over 96 percent 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.”
Cushman capital markets brokers David Bernhaut, Gary Gabriel and Kyle Schmidt represented the seller alongside leasing brokers Al Edwards and Heather Gulesserian. Wood PLC’s Andrew Gould, Bill Lee, John Allen and Martin Barbato also represented the company internally.
“Given the strength of the logistics market along western I-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,” said David Schick, a senior strategist for Shelbourne.
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