Marcus & Millichap has brokered the sale of a development site at 1400 Route 9 South in Howell. — Courtesy: Marcus & Millichap
By Joshua Burd
A developer has acquired a parcel in Monmouth County with the opportunity to build as many as 360 apartments on the site, in a newly announced transaction by Marcus & Millichap.
Brokers with the firm represented the seller of the property, which sits at 1400 Route 9 South in Howell, citing its proximity to major roadways and national retailers. The buyer, whose named was not disclosed, secured the parcel after a process that drew 14 offers and more than a hundred inquiries.
“We ran a formal marketing process to maximize the exposure of the opportunity and resulted with a very competitive bid process,” Marcus & Millichap’s Chez Eider said. “Developers pursued the development opportunity because of Howell 360’s high-density multifamily approvals, central New Jersey location, and a high-barrier-to-entry market due to limited permitted new development.”
Eider, who brokered the deal alongside Jason Petrick, noted that several offers came in nearly 10 percent above the property’s asking price, adding that interested parties included “one of the largest developers nationwide (and) regional and local developers.”
“The project’s combination of market and affordable units will help the community meet the market demand for units while providing residents of Howell 360 with a rich amenity package, access to top-notch schools and numerous transportation routes including public transportation located directly across the street from the property,” Petrick said.
Jeffrey Itzkowitz of Brach Eichler LLC represented the seller, while Michael Bruno and Brian Shemesh of Giordano Halleran & Ciesla represented the buyer. Terms were not disclosed.
“Ultimately, the owner chose one of the offers without the contingency for final approval,” Eider said. “This is consistent with the approach on other sites we marketed and closed over the last several months.”
Petrick added: “The demand for multifamily development sites, in all phases of approval, had only increased with the COVID-19 pandemic with strong interest from local, regional and national developers continuing to outpace supply.”
