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  • By Carlo L. Batts, MAI, Rittenhouse Appraisals

Rittenhouse Appraisals assists GSA in disposition of a former military installation in Oldmans Twp.,

Industrial developers seeking a high quality, affordable site in an emerging market might want to take a look at an aging former military installation in Oldmans Township, NJ. The Sievers-Sandberg U.S. Army Reserve Center was closed in 2012, and the federal government is looking to sell the land for private development. Rittenhouse Appraisals, LLC was recently retained and tasked with determining the value of the 35-acre site, and making a recommendation for its highest and best use. Though the condition of the site and some environmental issues made this process a challenge, Rittenhouse believes this parcel could serve as a catalyst for the industrial market in Salem County. The Location Salem County is located on the suburban fringe of the Philadelphia Market Area. The county’s western portion is more densely populated and serves as a bedroom community to the employment centers to the north and south. The eastern portion is largely agricultural, with the majority of the land area actively in production. As the population of the region has grown southward over the last decade, agricultural uses have steadily given way for suburban development pushing further southeast into the county. This trend is anticipated to continue into the future, but at a lower rate, due to a desire to live closer to the urban core.

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