A development site in Morristown, situated just a half mile from the train station and steps from The Green, recently sold for $4.9 million, according to a Monday announcement from Marcus & Millichap.
Jason Petrick and Chez Eider of Marcus & Millichap’s New Jersey office exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor. Legal representation for the transaction included Frank Vitolo of Sills, Cummis, & Gross P.C., Ivette Alvarado of Sills, Cummis, & Gross P.C., and Nicholas Racioppi, Jr. of Riker Danzig LLP.
Located at 25 Market Street, the property is in a desirable live-work-play downtown area and attracted interest from a wide range of developers, each evaluating various potential uses.
“Iconic New Jersey towns, such as Morristown, will always be in demand despite the high inflation/interest rate market,” Petrick said. “Ultimately, we produced numerous offers with multiple site scenarios from a broad range of developers. We are excited to play a small part in transforming the downtown Morristown skyline.”
“Development transactions in today’s market require a well-structured process with maximum exposure to uncover the best opportunities for a seller,” Eider said. “By casting a wide net, we engaged a diverse range of developers, providing the seller with multiple paths forward and securing the strongest outcome in one of the nation’s highest-income markets.”
