By Joshua Burd
Chemical maker Linde is seeking a buyer for the site of a vacant research building in New Providence, where it has secured approvals for up 297 multifamily units.
Brokers with JLL are marketing the 21.5-acre property at 100 Mountain Ave., touting its highway access and an ability to support a range of housing options. Current zoning allows for as many as 51 for-sale townhomes and 246 multifamily units, the firm said, noting that the borough has updated its zoning to allow for senior housing.
The site, which is minutes from Interstate 78 and Route 22, is currently home to a 190,000-square-foot former research and development building. JLL added that a would-be buyer could also continue to use the property for its original purpose.
The firm also cited the parcel’s proximity to NJ Transit’s Murray Hill train station and to affluent communities such as Berkeley Heights, Westfield, Watchung, Summit and Chatham. Meantime, the nearby Route 22 commercial corridor offers a wealth of retail, dining and entertainment options, while the site is also minutes from the 270,000-square-foot Summit Medical Group campus and Overlook and Morristown medical centers.
The JLL capital markets team representing the seller is being led by senior managing directors Jose Cruz and Kevin O’Hearn, Vice Chairman Daniel Loughlin, Director Mark Mahasky and Senior Associate Grace Braverman.