CBRE announced the sale of 803 South Ave. in Plainfield, a fully approved multifamily development site that will total 104 apartment units. Terms of the deal were not disclosed.
The CBRE team of Jeffrey Dunne, Jeremy Neuer, Gene Pride and Zach McHale, along with colleagues Nat Gambuzza and Trevor Fiebel, represented the owner, a partnership between Bennett Realty & Development and EDEN Property Company LLC, while also procuring the buyer, West of Hudson.
The site is within walking distance of the Netherwood Train Station, which provides direct access to Manhattan in under one hour, and is in close proximity to Routes 22, 27 and 28 and Interstates 78 and 287, providing excellent regional connectivity.
Additionally, the property is conveniently located near many major employers in Newark and MetroPark, and has immediate access to over 1 million square feet of national retailers along Route 22, including the Home Depot, Target and Kirkland’s, among others.
Neuer said the sale shows the state of the market in Plainfield.
“Plainfield is a community on the rise and the interest in this site reflected that,” he said.
Gambuzza agreed.
“This fully amenitized project will provide its residents with a magnificent 8,900-square-foot outdoor amenity space with three separate seating areas and a grilling station, a club room, fitness center and covered/secure parking,” he said.
“This project will stand out among the new construction in the area.”
