Two New Jersey real estate firms have acquired the site of the former National Envelope Co. plant in Union Township, with plans to build more than 250 apartments and townhomes on the 15-acre property.
The buyers, a joint venture of Diversified Realty Advisors and Fidelco Realty Group, purchased the site in a deal brokered by Cushman & Wakefield, the brokerage firm said in a news release. The seller was EnviroFinance Group, a national land reuse and development firm that completed an environmental cleanup and secured local entitlements for the project off Morris Avenue.
That gives Diversified, which is based in Summit, and Millburn-based Fidelco a site that is fully approved for 140 for-sale townhomes and 130 rental apartments, the news release said. The sale price was not disclosed, and the announcement did not say when the firms plan to start construction.
The property is located at 500 Clermont Terrace and is just off Morris Avenue, Union's main thoroughfare. It once housed a manufacturing facility for National Envelope Co., which sold the site to EnviroFinance last year after filing for bankruptcy.
"EnviroFinance identified an underutilized property, completed environmental remediation to bring it to residential development standards, and secured entitlements for the site," said Brian Whitmer of Cushman & Wakefield, one of the brokers involved with the sale. "This unlocked significant value."
Whitmer said eastern Union County has seen limited residential construction in recent years and lacks multifamily development sites. That made the site especially attractive, he said, especially considering its proximity to NJ Transit's Union rail station.
The brokerage firm's New Jersey office took nearly a dozen bids for 400 Clermont Terrace, the news release said. Prospective buyers ranged from large national builders to top private multifamily builders from northern New Jersey.
Whitmer handled the assignment with Cushman & Wakefield team members Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Dowd.
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