NAI James E. Hanson on Tuesday said it negotiated the sale of 48 acres of vacant land on Sergeantsville Road in Raritan Township to the township.
NAI Hanson’s John Schilp represented both the buyer and the seller, Eden Holdings, in the transaction.
Located along Route 523, also known as Sergeantsville Road and Bonetown Road, the 48-acre site consists of open and wooded land containing varying topography with frontage on three streets and access from several neighboring upscale residential neighborhoods. The property was previously approved for 19 single-family lots.
Despite its development potential, NAI Hanson was retained by the seller and buyer to negotiate a sale that would see the property preserved as open space. Working closely with the township of Raritan, as well as Hunterdon County and the Green Acres Program, the land will now be preserved for future generations to enjoy.
“For those who live in New Jersey, we’re well aware of how developed the state has become over the past few decades,” Schilp said. “In an attempt to protect, preserve and enhance New Jersey’s historic natural environment, townships are collaborating with counties and state agencies in order to preserve our dwindling open space. Whether through the creation of recreational options or simply preserving space as open land, these types of transactions help illustrate the additional opportunities available for landowners hoping to find a useful second life for their properties.”