The Kislak Co. on Wednesday said it recently sold a multifamily development site in Orange for an undisclosed amount to Freeman Orange Holdings LLC, which is an affiliate of Reynolds Asset Management.
Kislak marketed the property on an off-market basis, with Vice President Julie Gralla managing the assignment on behalf of the seller, Tritop Realty LLC. Executive Vice President Joni Sweetwood procured the purchaser.
Located at 606 Freeman St., the property is a 0.89-acre parcel approved for a transit-oriented development with 103 market rate units in a five-story fully-amenitized building known as Orange Valley Lofts.
The ground floor includes parking, the lobby, a bike room and an amenity room. The second floor offers a spacious outdoor terrace.
“It was a pleasure representing the seller again on the sale of another development. I am excited to see this project come to life. I have learned from this sale and others like it is that there is a strong demand among developers and tenants alike for the convenience of sizeable and well-located new construction projects,” Gralla said.
“I am excited about this project in the Valley Arts District, and Reynolds Asset Management’s commitment to the arts there,” Sweetwood added.
The property is located in an Opportunity Zone in the Valley Redevelopment Area bordering West Orange. It is a three-minute walk to Midtown Direct train service — 10 minutes to Newark and 30 minutes to New York Penn Station. Interstate 280 and the Garden State Parkway are a short distance to the property and Seton Hall University is also nearby.