NAI James E. Hanson helps sell 4-acre development site in Hanover

NAI James E. Hanson on Thursday said it negotiated the sale of a 3.93-acre development site in Hanover.

NAI Hanson’s John Schilp represented both the seller and the buyer in the transaction.

Located at 94 Route 10 W., the property sits in one of Morris County’s busiest retail corridors, with a local population of over 680,000 within 10 miles. Permitted uses for the asset include sales and service establishments, business and professional offices, hospitals, nursing homes, research laboratories, industrial operations, indoor physical fitness facilities and recreational.

The seller tapped NAI Hanson to market the development site in hopes of capitalizing on the demand for land in premium locations such as Route 10 in Hanover. The property’s location and multiple permitted uses stood out to the buyer, who hoped to add the parcel to an adjoining lot in order to construct a new car dealership.

“Northern New Jersey’s high population density continues to place a premium on available development sites that can accommodate for a wide range of usages,” Schilp said. “As a result, sellers hoping to capitalize on the market for these properties are in a strong position. With that said, we take pride in providing innovative solutions to drive meaningful value for sellers while also helping buyers navigate an increasingly competitive marketplace.”