53 Frontage Road – Perryville One
Property Description
Avison Young, as exclusive advisor to theowner, is pleased to offer for sale PerryvilleOne (the “Property”), a 294,000 square foot,three-story office building that was thecorporate headquarters for Foster Wheeler,located at 53 Frontage Road, Hampton,New Jersey.Initially developed by Foster Wheeler asthe successor to their corporate park inLivingston, New Jersey, the Property ispart of the 180-acre Perryville Campus,strategically positioned adjacent toInterstate 78, providing high visibility anddirect access between Exits 11 and 12.The Property’s market position carries alegacy of institutional-grade development,use and infrastructure and is an idealcandidate for repositioning into a modernClass A office facility offering a fullyamenitized suite of services.Currently zoned Office/Research, the sitelends itself to multiple alternative uses aswell. Discussions within the township havesurfaced interest for a town center conceptto fulfill both retail and additional housingneeds.Historically, plans were drafted to convertthe site to industrial use and received theexpected opposition from the townshiprelative to traffic impact. In other locations,this issue was eliminated by targetingoccupiers that did not serve the 3PLmarkets, thus limiting the traffic impact.The Property is currently occupied by aRegus franchise in 12,500 SF on the firstfloor, operated by the owner. Additionally,a lease subject to approvals for a solarroof and elevated canopy is in process,to be installed over the roof and parkingareas. This lease is early stage and can beterminated if required.Ownership Structure: Perryville campus was bifurcated into individual condominium interests to facilitate a corporate re-capitalization by Foster Wheeler. Following corporate consolidation, these interests have been divested to third parties. Perryville One is part of the association, details and by laws are available for review.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Lot Size: | 26.50 Sq ft |
| Opportunity Zone: | No |
| Property Website | Click Here |
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