Sale of 14.66 Acres of Land in Delran, New Jersey
Rose Commercial Real Estate Represents Both Parties in the Sale of 14.66 Acres of Land in Delran, New Jersey for $2.25 Million
Property Type: Land
Site Size: 14.66 acres
Buyer: Delran Associates, LLC
Seller: Kamdy, LLC
Brokers: Jeffrey Lucas, Director of Business Development
Director of Business Development Jeffrey Lucas of Rose Commercial represented both parties in the sale of 14.66 acres of vacant land on Route 130 South in Delran, New Jersey. The prime location had been zoned for retail and remained on the market due to an oversaturation in the area. Using the Circles of Success model, Lucas and the team converted the hard-to-sell site into a desirable one by determining three key components: what will fit the site, what will the market support and what will the government approve. In this instance, the result was rezoning for the development of luxury apartments. Once perceived as only for those who could not afford to buy a home, the interest of apartment living is a choice of many people who prefer not to own real estate and individuals without children. The New Brunswick-based developer chose the site as it is close to public transportation and surrounded by retail. There was also a lack in new apartments south of Rancocas for years. Slated to break ground later this year, the apartment community will also assist in the township’s affordable housing obligation. The deal closed in January 2022 for $2,250,000.