By Joshua Burd
CBRE has brokered the long-awaited sale of an industrial site in Long Hill Township, paving the way for a proposed redevelopment of the property as a new transit-oriented community.
The 147,000-square-foot property at 50 Division St., located in the township’s Millington section, sold for $3 million, CBRE said in a news release last week. The buyer, Prism Capital Partners, plans to build a new mixed-use project on the 12-acre site that will benefit from its location across from the Millington train station.
Charles Berger and Elli Klapper of CBRE’s Tri-State Investment Properties team, along with Nicholas Nitti of Transaction and Advisory Services, represented the seller. In a news release, they said Prism is now working with local officials to develop the project in the context of a master plan, although details of the proposal were not immediately available.
“We were thrilled to represent the owners in the sale of this property — which their family had owned for many decades — to a developer that plans to add to the character of Millington through the creation of a live-work-play community,” Berger said. “We have represented a number of clients whose properties will be repositioned as transit-oriented communities, bringing vital jobs and a new tax base to the local economies.
“In doing this, we’ve helped owners — in both urban and suburban markets — to bring about positive change in their communities through this highly sought-after type of transaction. This sale, which took years to complete due to its complexity, represents a long-term commitment by both the owner and the buyer to see the development come to fruition.”
