By Joshua Burd
A regional bank has sold a 170-acre parcel in Warren County, where three buyers are now weighing a range of potential uses.
Brokers with NAI James E. Hanson on Monday announced the sale along Carpentersville Road and High Street in Pohatcong. Three separate buyers acquired the site near Interstate 78, which sits less than a mile from the Delaware River and minutes from Phillipsburg and downtown Easton, Pennsylvania.
NAI Hanson’s John J. Schilp and Tom Ryan represented the seller and the three buyers. Terms were not disclosed.
In a news release, Schlip and Ryan said the land had been zoned for potential uses including a 10-megawatt private solar facility and 242 residential units. But the range of uses contributed to a complex transaction, attracting three separate buyers looking to acquire pieces of the site.
The brokers added that ownership by a large regional bank added another layer of complexity to the transaction.
“Although every land deal in northern New Jersey presents a wide range of challenges and opportunities, this deal’s complexity was unique in many regards,” Schilp said. “With three different buyers and bank ownership of the land, the transaction required the steady hand of an experienced and knowledgeable brokerage team.
“Fortunately for both the buyers and seller, Tom and I have decades of experience in closing complex transactions like this to ensure that a fair and mutually beneficial deal could be negotiated for all parties.”
The sale marks Schilp’s second large land sale of the year, the news release said. Earlier in 2018, Schilp and NAI Hanson’s Sigmund Schorr represented the buyers and sellers in the sale of 244 acres along Mount Lebanon Road in Lebanon Township.
