JLL closes sale of Montclair, New Jersey, development site
Bijou Properties acquires transit-oriented infill site zoned for mixed-use in downtown area
MORRISTOWN, N.J., September 30, 2019 – JLL announced today that it has closed the sale of 65 Church Street, a 0.832-acre mixed-use residential development site in downtown Montclair, New Jersey.
JLL marketed the property exclusively on behalf of the seller, Kensington Senior Living, and procured the buyer, Bijou Properties.
65 Church Street is located near downtown Montclair’s sidewalk cafés, retailers and street performers within the Hahnes Redevelopment Zone. The transit-oriented, infill site has earned a Walk Score® of 95 and is proximate to the NJ Transit Bay Street Station. The main-and-main location provides the opportunity to construct a best-in-class, boutique mixed-use property with ground-floor retail and up to five stories of residential space above.
The JLL Capital Markets team representing the seller included Jose Cruz, Marc Duval, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Mark Mahasky.
“We had a great response to the offering given it is a multi-housing development in Montclair,” Cruz stated. “The investors were driven by the strong demographics in town.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
Founded in 1999 in Hoboken, New Jersey, Bijou Properties owns, operates and develops the highest quality sustainable buildings and has become a recognized leader in the field of green development along the Hudson Waterfront. Recent projects include Park + Garden, Garden Street Lofts (New Jersey’s first LEED Gold residential highrise) and Vine, a 135-unit, LEED-certified rental building at 900 Monroe Street. The developer has also introduced Candela Lofts, the first Passive House multi-family condominium building in New Jersey; VIA Lofts, a collection of 10 luxury condominiums at 1410 Grand Street; and Edge Adams, a 34-unit rental building that is part of its Edge Lofts apartment portfolio. Its most recent project, 7 Seventy House, has delivered 424 upscale rentals and 90,000 square feet of indoor and outdoor amenity space. The 14-story building at 770 Jackson was built in conjunction with a two-acre public resiliency park donated to the City of Hoboken.