94 Route 10 West in Hanover — Courtesy: NAI James E. Hanson
By Tina Traster
NAI James E. Hanson has negotiated the sale of a nearly four-acre development site on Route 10 in Hanover.
According to the brokerage firm, the parcel at 94 Route 10 West has permitted uses including sales and service establishments, business and professional offices, hospitals, nursing homes, research laboratories, industrial operations, indoor physical fitness facilities and recreational. NAI Hanson’s John Schilp represented both parties in the deal, the terms of which were not disclosed, noting that the seller marketed the property in hopes of capitalizing on the demand for land in the Route 10 corridor in Hanover.
“Northern New Jersey’s high population density continues to place a premium on available development sites that can accommodate for a wide range of usages,” Schilp said. “As a result, sellers hoping to capitalize on the market for these properties are in a strong position. With that said, we take pride in providing innovative solutions to drive meaningful value for sellers while also helping buyers navigate an increasingly competitive marketplace.”
He added that the 3.93-acre parcel is in one of Morris County’s busiest retail corridors with a local population of more than 680,000 within 10 miles.
