NAI Hanson Negotiates Sale of 13.6 Acre Development Site in New Milford, N.J. in Exclusive Listing
New Milford, N.J. (September 28, 2017) – NAI James E. Hanson, a leading New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of 13.6 acres of land surrounded by Main Street, River Road and Madison Avenue targeted for development in New Milford, N.J. Andrew Somple and Greg James represented the seller, Suez Water North America, in the sale to New Milford Redevelopment Associates, a subsidiary of S. Hekemian & Co., Inc.
The new owners will utilize the land to build an Inserra ShopRite with a bank branch. Along with the retail development project, a portion of the land will be used to construct new sports fields for New Milford High School. At the same time, Inserra’s current store in New Milford at 841 River Road has been slated for redevelopment into affordable housing once the new store opens.
The sale marks the completion of a multi-year approval process that included compromises from the buyer, seller and the Borough of New Milford. The development site is ideally located directly on Main Street in New Milford and provides easy access to the Oradell and River Edge stops on the New Jersey Transit Pascack Valley Line.
“This deal marks the next chapter for this once undevelopable tract of land,” said Somple. “The complexity of the deal meant that the experience of the NAI Hanson team was invaluable in closing the deal in a mutually beneficial manner for both our client and the buyer. We were honored to be selected to work on this deal to facilitate the purchase by a user that could not only realize a profit from a development project on the land but also make a significant contribution to the local community.”
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