CBRE arranges $1.9M sale of vacant property in Jefferson Twp.

CBRE announced Wednesday the $1.9 million sale of a vacant property at 757 Route 15 in Jefferson Twp.

The property, which originally housed a Pathmark grocery store, will be redeveloped into a Class A multiservice medical office center, CBRE said.

Thomas Mallaney and Denise Kokulak of CBRE represented the buyer, 757 Route 15 Realty LLC, in negotiations with the seller, Jefferson Sebastian-Parsippany LLC.

“The new owner was attracted to the asset due to its ideal location at a traffic light with frontage on Route 15 South and the opportunity to redevelop the site for medical use to service the growing Jefferson Township/Sparta region,” Mallaney, first vice president, said. “When the project is completed, it will be a central location servicing the entire North Morris, Lake Hopatcong and Sussex County area.”

The property is expected to be completed by the summer of 2020.