NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces it has negotiated the sale of a 3.93-acre development site at 94 Route 10 West in Hanover, N.J. NAI James E. Hanson’s John Schilp represented both the seller and the buyer in the transaction.
94 Route 10 West is a 3.93-acre development site located in one of Morris County’s busiest retail corridors with a local population of over 680,000 within ten miles. Permitted uses for the property include sales and service establishments, business and professional offices, hospitals, nursing homes, research laboratories, industrial operations, indoor physical fitness facilities and recreational.
The seller tapped NAI James E. Hanson to market the development site in hopes of capitalizing on the demand for land in premium locations such as Route 10 in Hanover. The property’s location and multiple permitted uses stood out to the buyer who hoped to add the parcel to an adjoining lot in order to construct a new car dealership. “
Northern New Jersey’s high population density continues to place a premium on available development sites that can accommodate for a wide range of usages,” said Schilp. “As a result, sellers hoping to capitalize on the market for these properties are in a strong position. With that said, we take pride in providing innovative solutions to drive meaningful value for sellers while also helping buyers navigate an increasingly competitive marketplace.”
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