UNION – Cushman & Wakefield, Inc.’ s Metropolitan Area Capital Markets Group has been retained by EFG Clermont Terrace, LLC, an EnviroFinance® Group Company, to market a 15-acre residential development site at 400 Clermont Terrace in Union Township. The parcel – formerly home to National Envelope Corporation – is fully site-plan approved for 140 for-sale townhomes and 130 rental apartments, according to the firm.
Located off Morris Avenue, 400 Clermont Terrace is walking distance from both Kean University and New Jersey Transit’s Union Station, which offers rail service into Newark and New York City. “This property occupies a central location in a mature, densely populated, land-constrained community,” noted Cushman & Wakefield’s Brian Whitmer, who is heading the assignment with team members Andrew Merin, David Bernhaut and Gary Gabriel. “Simply put, this is a prime transit oriented, infill redevelopment opportunity.”
Whitmer added that the in-place approvals add to the offering’s appeal. “EFG’s successful entitlement of the property creates the ability to go vertical within just a few months from closing, which is a rarity, especially in New Jersey where securing site plan approvals can be a lengthy, onerous, and unpredictable process,” he said. “This and a number of other compelling factors are contributing to significant interest from the multi-family development community.
“For example, the area in the vicinity of the Union rail station is transforming into a transit village anchored by recently constructed, highly successful multifamily developments and continued facility expansion by Kean University. These elements are a driving force of positive momentum and value creation that will benefit 400 Clermont Terrace,” Whitmer noted. “Kean University is a natural demand driver for new housing as it continues its student and faculty population growth, currently ranking as New Jersey’s third largest institution of higher learning.”
Based in East Rutherford,Cushman & Wakefield’s Metropolitan Area Capital Markets Group specializes exclusively in investment sales of office, industrial, multifamily and retail properties throughout New Jersey, New York, Fairfield County, Connecticut, Pennsylvania, and Delaware. The team has completed more than $17 billion worth of transactions since 2000.
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