Lee & Associates New Jersey has been named exclusive marketing agent for the sale of a fully built-out school property in Newark’s University Heights. A bidding deadline of Oct. 31 has been set for the turnkey acquisition opportunity at 66-78 Morris Ave.
The commercial real estate services firm’s Jerry Joseph, Tarang Ramani, Beth Chezmar and Jason Lynch are leading the assignment.
Formerly used as a charter school, the four-story, approximately 34,000-square-foot building has been fully renovated. It contains 18 classrooms, a 5,200-square-foot gym, 2,744-square-foot cafeteria, office and administrative space, and a partial basement.
“This offering presents a rare opportunity to acquire a superior school building in a prime, academia-centric location,” Joseph said. “Newark is one of the most diverse cities in the nation, and University Heights serves as its educational hub. Recent expansions of the institutions here is proof positive of the neighborhood’s staying power.”
University Heights is home to Rutgers University-Newark, New Jersey Institute of Technology, Rutgers New Jersey Medical School and Essex County College.
Situated on nearly three-quarters of an acre, 66-78 Morris Ave. spans an entire block from New Street to Hartford Street. The complex offers easy access to Interstates 280 and 78, the Garden State Parkway, New Jersey Turnpike and other regional thoroughfares. Manhattan is only a 15-minute train ride away via Newark’s Light Rail, which links to the city via the PATH and New Jersey Transit rail systems at Newark Penn Station.