Hampshire Cos. Sells Perth Amboy Industrial

One Buckingham Avenue, Perth Amboy, NJ

PERTH AMBOY, NJ— The Hampshire Cos. has sold a 255,000-square-foot industrial building it owns at One Buckingham Avenue in Perth Amboy, NJ for an undisclosed amount to a buyer it declined to identify. The single-tenant property is currently leased to VIRA Insight , which manufactures retail store environments, including branding and signage elements, acrylics, store fixtures, and in-store peripherals. The single-story industrial building, which occupies 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 capable of producing 758,000 KwH of electricity. The solar power system, installed by Hampshire to keep costs low enough for VIRA to continue operating in Perth Amboy, helped win Hampshire a US 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 of the asset,” says 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.