By Joshua Burd
A developer has acquired a parcel in Randolph with plans in place for 35 housing units and more than 4,000 square feet of retail space, in a transaction arranged by Cushman & Wakefield.
According to a news release, OES Properties paid $4.5 million for the fully approved site at 1192 Sussex Turnpike, roughly three miles south of Route 10. The deal by Cushman’s Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri, who represented Ludiro Inc. in the sale, paves the way for a project that calls for 25 townhomes and a mixed-use, three-story building with 10 apartments and 4,055 square feet of ground-floor retail space.
The team noted that the parcel is near multiple NJ Transit commuter rail stations, including Dover, Morristown and Morris Plains, providing access to both the Morris & Essex and Montclair-Boonton lines. It’s also a 38-minute drive from Newark Liberty International Airport.
“This offering represented a rare opportunity to acquire a development site in the highly desirable Morris County market,” Sobel said. “The buyer recognized the immense value in acquiring a project that will bring much-needed housing and retail options to the Mount Freedom section of Randolph.”
