Woodbridge-based Kislak Commercial Real Estate Services on Thursday said it recently sold 4.77 acres in Medford for $475,000.
Located at 196-198 Old Marlton Pike, the property is the last asset in a portfolio of surplus sites held by the Lackland Self Storage Co. and sold through Kislak.
Executive Vice President Peter Wisniewski marked the property on behalf of the seller, 196-198 Old Marlton Pike LLC, and he also procured the purchaser, Tudor Development LLC.
“What an honor and pleasure it was to work with the Lackland family on selling these surplus sites in their portfolio,” Wisniewski remarked. “Land values increased significantly since the purchase contract was signed.”
The land is pending approvals as a commercial development site in a Highway Management Zone with permitted uses inclusive of all uses allowed in Community Commercial or Restricted Commercial districts. Such uses range from recreational use; fast food restaurants and car washes as conditional use; to housing, assisted living, commercial nurseries, clubs and child care centers.
CCRC developments permit independent living units, as well as single family detached and two-family semi-detached homes, townhouses and apartments.
Situated at the intersection of Old Marlton Pike and Route 70, the land is highly visible from Route 73 in a development area within the Pinelands, across from the Medford Shopping Center.