A development site in Morristown, situated just a half mile from the train station and steps from The Green, recently sold for $4.9 million, according to a Monday announcement from Marcus & Millichap.Jason Petrick and Chez Eider of Marcus & Millichap’s New Jersey office exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor. Legal representation for the transaction included Frank Vitolo of Sills, Cummis, & Gross P.C., Ivette Alvarado of Sills, Cummis, & Gross P.C., and Nicholas Racioppi, Jr. of Riker Danzig LLP.Located at 25 Market Street, the property is in a desirable live-work-play downtown area and attracted interest from a wide range of developers, each evaluating various potential uses.“Iconic New Jersey towns, such as Morristown, will always be in demand despite the high inflation/interest rate market,” Petrick said. “Ultimately, we produced numerous offers with multiple site scenarios from a broad range of developers. We are excited to play a small part in transforming the downtown Morristown skyline.”“Development transactions in today’s market require a well-structured process with maximum exposure to uncover the best opportunities for a seller,” Eider said. “By casting a wide net, we engaged a diverse range of developers, providing the seller with multiple paths forward and securing the strongest outcome in one of the nation’s highest-income markets.”

Marcus & Millichap on Thursday announced it helped sell Quakerbridge Shoppes, a 42,912-square-foot multi-tenant retail center located at 3800 Quakerbridge Road in Hamilton Township for $8,336,000.“This center had small-footprint stores and below-market rents, allowing the new owner to increase the value of the shopping center,” Alan Cafiero, senior managing director investments for Marcus & Millichap said. “In addition, the center was well-positioned within the market at a hard-corner, traffic-light intersection with high visibility.”Cafiero and Brent Hyldahl, investment specialists in the firm’s New Jersey office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.Located on 5.13 acres at a signalized intersection, Quakerbridge Shoppes features 18 tenants, including Northfield Bank and Villa Maria’s Restaurant. The property is in a retail corridor near national retailers such as TD Bank, FedEx, and Costco, and is just two miles from the Quaker Bridge Mall. The area boasts strong demographics, with an average household income of more than $139,000 within one mile and more than 33,000 vehicles passing the intersection daily