By Joshua Burd
The site of a vacant office building in Florham Park is now slated for redevelopment, with plans calling for new senior housing after a sale arranged by Cushman & Wakefield and RePropCo.
Brokers with the firms represented the Northern Trust Co., the trustee of the Emerson Charitable Trust, in its sale of the 55-acre property at 50 Hanover Road. They also represented the buyer, noting that a proposal for the former Automatic Switch Co. headquarters site includes 305 age-restricted multifamily units, 61 of which will be designated as affordable housing to support the borough’s state-mandated obligation.
The listing team included Cushman’s David Bernhaut, Ryan Dowd, Niko Nicolaou and JP Hohl, who worked in partnership with RePropCo’s Brian Whitmer. Terms were not disclosed.
“We’re proud to play a role in a project that revitalizes an underutilized site while delivering high-quality housing in one of Morris County’s most sought-after communities,” Dowd said. “The site’s prime location made it a compelling strategic investment for the buyer, who is committed to supporting regional housing needs and contributing to the enhancement of the local residential landscape.”
The brokers noted that 50 Hanover Road, which sits at the Vreeland Road intersection, represents one of the largest redevelopment opportunities in eastern Morris County. That’s due in part to its proximity to the area’s top retail corridors, major roadways and nearby corporate headquarters.
“The transaction underscores the sustained investor confidence in New Jersey’s residential development market, particularly in communities with strong demographics and proximity to employment centers,” Whitmer said.
