Diversified Properties has sold 4.3 acres of land at the Mars Park Corporate Center in Montville to the Morris County Park Commission to expand parking at Pyramid Mountain Natural Historic Area, the real estate developer and owner announced Tuesday.
The land is part of the five-building, 100,000-square-foot industrial portfolio at 1 Mars Court, which was acquired by Diversified in 2020. The 15-acre property is surrounded by the Pyramid Mountain Natural Historic Area, a 1,675-acre nature park in Montville, Boonton and Kinnelon that is managed by the park commission.
The sale of the undeveloped land will increase accessibility of the Pyramid Mountain park.
“As Montville residents ourselves, we are honored to help make one of its most beautiful destinations more accessible,” Nick Minoia, founder and managing partner of Diversified Properties, said in a prepared statement. “We hope that this sale will allow more people than ever to experience what makes Pyramid Mountain Natural Historic Area so special, and ensure it can be enjoyed by residents and visitors alike for years to come.”
Financial terms of the transaction were not disclosed.