JLL selected to market 21.5-acre development opportunity

MORRISTOWN, N.J., November 16, 2020 – JLL Capital Markets announced today that it has been selected by Linde to market a 21.5-acre development site approved for up to 297 multi-housing units in the Northern New Jersey community of New Providence.

Offering a diverse range of rental options to appeal to a wide range of residents, the opportunity is zoned for up to 51 for-sale townhomes and 246 multi-housing rental units. The New Providence Town Board updated its town code and zoning to the property to Planned Adult Community Overlay Zone, providing additional opportunity for buyers to use the site for seniors housing and capitalize on the 30% of local residents age 55 and over. The site is currently improved with a 190,000-square-foot vacant building that was formerly used for research and development and could continue to be used for those purposes.

The property is at 100 Mountain Ave. near Interstates 287 and 78, Route 22 and 24, and NJ Transit Murray Hill train station, allowing easy access for New York City commuters. New Providence is also situated at the northeastern edge of Union County and near Northern New Jersey’s most affluent areas, including Berkeley Heights, Westfield, Watchung, Summit and Chatham. The site is minutes from the Route 22 Commercial Corridor, featuring various retail and shopping centers, movie theaters and restaurants and near prestigious golf courses. 100 Mountain Ave. is also conveniently located near New Jersey’s top hospitals and medical centers, including the 270,000-square-foot Summit Medical Group campus and Overlook and Morristown Medical Centers. The property is also proximate to Union County’s immaculate outdoor recreation that includes 36 parks, such as the 2,000-acre Watchung Reservation in the mountains.

The JLL Capital Markets team representing the seller is being led by Senior Managing Directors Jose Cruz and Kevin O’Hearn, Vice Chairman Daniel Loughlin, Director Mark Mahasky and Senior Associate Grace Braverman.  

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 sales 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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