Rose Commercial Real Estate on Monday said Director of Business Development Jeffrey Lucas sold 14.66 acres of vacant land on Route 130 South in Delran to Delran Associates LLC of New Brunswick for $2.25 million.
The location had been zoned for retail and remained on the market due to an oversaturation in the area.
Lucas represented both the buyer and the seller, Kamdy LLC, in the transaction.
The site had been perceived as a hard-to-sell one, but Lucas and his team at Rose converted it into a desirable one by determining three key components: what will fit the site, what will the market support and what will the government approve? In this instance, the result was rezoning for the development of luxury apartments.
Once perceived as only for those who could not afford to buy a home, the interest in apartment living is a choice of many people who prefer not to own real estate, and individuals without children. Delran Associates chose the site as it is close to public transportation and surrounded by retail. There was also a lack of new apartments in the area for years. Slated to break ground later this year, the apartment community also will assist in the township’s affordable housing obligation.