JLL closes sale of development site in Montclair

JLL announced Monday it has closed on the sale of a mixed-use residential development site in downtown Montclair.

JLL marketed the 0.832-acre property, located at 65 Church St., on behalf of the seller, Kensington Senior Living, and procured the buyer, Bijou Properties.

The transit-oriented, infill site is located within close distance to the NJ Transit Bay Street Station. Its location provides the opportunity to construct a boutique, mixed-use property with ground floor retail and up to five stories of residential space.

JLL’s Capital Markets team of Jose Cruz, Marc Duval, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Mark Mahasky represented the seller.

“We had a great response to the offering given it is a multi-housing development in Montclair,” Cruz said. “The investors were driven by the strong demographics in town.”

Financial terms were not disclosed.