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NAI Hanson Team Closes “Complex” 170-Acre Land Sale
NAI James E. Hanson recently arranged the sale of 170 acres of land along Carpentersville Road and High Street in Pohatcong, N.J. The firm’s John J. Schilp and Tom Ryan represented the sellers and each of the three buyers in the transaction. Terms were not disclosed.
The parcel has been zoned for a wide range of prospective usages including a 10 MW private solar facility and 242 residential units. Along with the unique range of uses at the site, ownership of the land by a large regional bank added another layer of complexity.
“Although every land deal in northern New Jersey presents a wide range of challenges and opportunities, this deal’s complexity was unique in many regards,” said Schilp.
The sale marked Schilp’s second large land sale of 2018. Earlier in the year, Schilp and colleague Sigmund Schorr arranged the sale of 244 acres in Lebanon Township, NJ.
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- ◦Sale/Acquisition
