520 North Ave. in Dunellen — Courtesy: Marcus & Millichap
By Joshua Burd
An investor has purchased an approved development site in northern Middlesex County, where plans call for a reported 40 apartments in a location just north of Route 28.
According to Marcus & Millichap, which brokered the sale, the undisclosed buyer paid $2.2 million for the parcel at 520 North Ave. in Dunellen. The roughly half-acre property is now slated for a project known as The Palette, a proposed two-story structure near the borough’s downtown and blocks from NJ Transit’s Raritan Valley Line.
“Our advisory process helped guide the seller through unforeseeable challenges in an approved site, which resulted in Marcus & Millichap procuring a 1031 exchange developer to take the site to shovel-ready status,” Marcus & Millichap’s Jason Petrick said. “The asset received strong interest during the broad marketing process. As a result, we continue to see developers actively pursue best-in-class property types with solid deal fundamentals in transit-oriented locations throughout New Jersey, Eastern Pennsylvania and New York State.”
Petrick and Chez Eider, both investment specialists in Marcus & Millichap’s New Jersey office, represented the seller of the parcel.
“Working through the marketing process on a development site of any size, our process is the same to ensure maximum exposure and a hands-on approach throughout the entire transaction,” Eider said. “Even with smaller projects, persistence, being detail-oriented while executing a customized and targeted marketing campaign was key to bringing this deal over the finish line.”
