The Hampshire Companies, a full-service, private real estate investment firm with equity in assets valued at more than $2.5 billion, announced today the sale of a 255,000-square-foot industrial building located at One Buckingham Avenue in Perth Amboy, N.J. to a private buyer. The single-tenant property is currently leased to VIRA Insight, LLC.
The single-story industrial building, which sits on 10-acres and is backed by the Hudson River, has 31 dock-high overhead doors and ample ceiling height, varying from 16 to 18 feet. One of the most prominent features of the building is a 58,000-square-foot array of 3,328 T-10 solar roof tiles that has the capacity to produce 758,000-kilowatts-per-hour. The solar power system, which was installed by Hampshire to keep costs low enough for VIRA to continue operating in Perth Amboy, was one of the driving factors for Hampshire to win the United States Green Building Council New Jersey developer of The Year award in 2013.
“One Buckingham has been a productive Hampshire property for a long time and the revitalization of the submarket and the still-low interest rate environment led to a competitive bid process that resulted in our decision to dispose the asset,” said Igor Derbaremdiker, Director of Dispositions at The Hampshire Companies. “It is mostly a testament to the breadth of our market knowledge and the effectiveness and implementation of our value-add strategy that we were able to exceed our investment return threshold.”
One Buckingham Avenue allows easy access to all of the area’s major highways including Route-1&9, The Garden State Parkway, The New Jersey Turnpike as well as Route 440 and The Outerbridge Crossing.
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About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment firm based in Morristown, N.J. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
R&J Strategic Communications