The company has been based in Level Cross since 1949, when it was founded by Petty's father, Lee Petty, as Lee Petty Engineering. The move starts in December.
At its current location, the business has expanded to 60,000-square feet, and become one of the most successful companies in motorsports history.
"Level Cross will always be the home of the wins and championships that the Petty family built," Petty said at a news conference.
"We care deeply about our roots and this community. We will always call Level Cross our home as we never forget where we came from," he said. "This was a tough and emotional decision for our family. We will always call Level Cross our home (but) we are looking forward to continuing our legacy at this new location."
Petty Enterprises has won 268 NASCAR races, 10 Nextel Cup Series titles and nine Daytona 500 trophies.
Notable deaths of 2014 [PHOTOS]