25 Market St. in Morristown — Courtesy: Marcus & Millichap
By Joshua Burd
A local private investor has acquired a development site in downtown Morristown for $4.9 million, brokers with Marcus & Millichap announced Monday.
In a news release, listing team said the property at 25 Market St. drew interest from a wide range of developers, each evaluating various potential uses. That’s due in part to its location a half-mile from the Morristown train station and steps from the Morristown Green.
Marcus & Millichap’s Jason Petrick and Chez Eider represented the undisclosed seller and procured the buyer.
“Iconic New Jersey towns, such as Morristown, will always be in demand despite the high inflation (and) interest rate market,” Petrick said. “Ultimately, we produced numerous offers with multiple site scenarios from a broad range of developers. We are excited to play a small part in transforming the downtown Morristown skyline.”
“Development transactions in today’s market require a well-structured process with maximum exposure to uncover the best opportunities for a seller,” Eider said. “By casting a wide net, we engaged a diverse range of developers, providing the seller with multiple paths forward and securing the strongest outcome in one of the nation’s highest-income markets.”
