Sale of 32 Acres for Residential Development, Moorestown, NJ
Property Type: Land
Site Size: 32 +/- Acres
Buyer: Parkers Bend Retirement Community, LLC
Seller: Laurel Creek LP (Toll Brothers)
Broker: Jeffery Lucas, Director of Business Development
Jeffrey Lucas, Director of Business Development with Rose Commercial Real Estate, used the firm’s unique Circles for Success approach in its representation of buyer, Parkers Bend Retirement Community. The goal was to find the right home for a new luxury 55+ community in the highly sought after Laurel Creek area of Moorestown, NJ. To succeed, Lucas searched for a site of the right size in a market that would support it and a township that would approve it. The 32-acre vacant land on Centerton Road met the first two criteria with ease yet local officials had to be convinced the zoned office lot was better-suited for residential development. In the end, the government granted a variance accordingly. “Commercial development is complex,” says Lucas. “Getting to the closing table involves openly recognizing the needs of all parties in order to create a win-win-win solution.” The land sale between Parkers Bend Retirement Community, LLC (buyer) and Laurel Creek LP/Toll Brothers (seller) closed for $2,650,000 on September 17, 2020.