By Joshua Burd
The site of a planned boutique office building in downtown Morristown has changed hands for $1.7 million, in one of several newly announced transactions by Lee & Associates New Jersey.
Doug Gaffney, a senior vice president with the firm, represented S-D Development in its recent sale of 79 Maple Ave. The deal comes after S-D obtained approvals for a 10,000-square-foot mixed-use building on the parcel, having purchased the site in 2020 for $885,000.
Gaffney also represented the company in the earlier deal and assisted it with seeking the entitlements. The newest owner, The Emerson Group, is a Pennsylvania-based pharmaceutical marketing firm that will occupy the building for its regional office once construction is complete.
“I am thrilled to have represented S-D Development in acquiring the property in early 2020 and assisting them in obtaining approvals for a first-class mixed-use office building,” Gaffney said. “Maple Avenue is arguably one of the nicest streets in Morristown with abundant amenities nearby and surrounded by beautifully restored, historic homes dating back to the 1800s.
“Significant profit was created through the developer’s efforts in working with the town on the overall design. A new, state-of-the-art 10,000-square-foot building will continue Morristown’s momentum as a burgeoning live-work-play destination and serve as a perfect hub for Emerson’s growing business.”
Additionally, Gaffney and Lee & Associates New Jersey Associate Joe Komitor coordinated the sale of 19 Center St. in Chatham, a 5,500-square-foot office and medical property, for more than $1.5 million. N&K Properties, which initially acquired the building in 2020, completed renovations at the property and was interested in leasing out the empty office space, but ultimately chose to sell it to a growing financial firm that would occupy the facility.
Meantime, Lee & Associates New Jersey brokered the sale of 19 Center St., a 5,500-square-foot property in Chatham, to a financial advisory firm. The buyer, which was represented by Jordan Baris Realtors, will use the space as its corporate office.
