Prism Capital Partners announced this week it has acquired a 33-acre former corporate campus in Woodland Park – and has zoning in place to build up to 400 residential units.
The deal, arranged by JLL, comes for property at 385 Rifle Camp Road, an ideal redevelopment site that benefits from its proximity to Interstate 80 and routes 46 and 3.
The roads are just one plus. The land also has perfect views of the New York City skyline and easy access to schools, shopping and recreation, including more than 300 acres of dedicated park space at nearby Garret Mountain Reservation.
JLL’s Jose Cruz, Jeremy Neuer and Ryan Robertson represented the seller. Terms were not disclosed.
Edwin Cohen, a principal partner with Nutley-based Prism, said it was a deal they couldn’t pass up.
“At a time when New Jersey is facing a severe housing shortage, we were attracted by the opportunity to repurpose a former suburban corporate campus in an outstanding location,” he said. “This is an absolutely gorgeous property, and we look forward to its next chapter — one that ultimately will provide Passaic County with a significant number of new residences, including a generous affordable housing component.”
