Montville, NJ — CRE TV - During the final week of 2023, Nicholas Minoia, founder of Diversified Properties, strengthened his presence in Montville with the acquisition of two prime industrial properties. These latest developments add to Minoia’s extensive track record of shaping the community where he both lives and works.
The most recent additions to Minoia’s portfolio include an industrial building at 45 Indian Lane and another development site purchased from PSE&G on Rte. 202 at the Rte. 287 exit ramp. Strategically situated at the Rte. 287 exit, it has received full approval from the township of Montville and the county of Morris for the development of a three-building flex industrial park of approximately 110,000 s/f.
The 33,000 s/f existing building at 45 Indian Lane plus adjacent vacant lot will be repositioned, as a new tenant is sought for the portion of the building that is currently vacant. Minoia had previously acquired a property on Indian Lane that attracted international attention. Quintessence Fragrances Inc, an international fragrance company, recently signed a long-term lease at 1 Indian Lane, having chosen Montville as its USA headquarters. Minoia appreciates Montville’s easy access to major transportation Rte.s, including Rte. 287, making it an ideal location for businesses seeking to establish themselves in a thriving community.
The second property acquired from PSE&G represents an exciting prospect for Montville’s future growth. With local and county approvals in hand, construction is anticipated to commence within the next 30 days. The project involves the development of three flex industrial buildings, with sizes ranging from 22,500 to 55,000 s/f. It is designed to primarily serve as a local flex-industrial space, encompassing a mix of office, warehousing, and manufacturing areas. Additionally, the development will feature both smaller units, varying from 2,500 to 5,000 s/f, as well as stand-alone buildings of up to 55,000 s/f. These compact spaces are intended for occupancy by local service businesses which cater to the needs of local Montville-area businesses, including plumbers, electricians, and other service-oriented enterprises seeking a smaller generally unavailable space in the current market.
Nick Minoia’s passion for Montville goes beyond business. As a resident, he is deeply invested in the township’s well-being and is dedicated to ensuring its smart growth; Diversified Properties is not only robust but is also environmentally conscious. They have a vision for cutting-edge development that emphasizes energy efficiency and sustainability which ensures that these properties will stand the test of time.
In Diversified Properties’ acquisition several years ago for the five-building industrial complex on Mars Court, one of the key challenges identified after his purchase was the shortage of parking facilities for neighboring Pyramid Mountain Park visitors. In response, Diversified Properties, under Nick Minoia’s leadership, arranged a heavily discounted sale of six acres of land adjacent to the park to the Morris County Park system. This land sale will address the park’s need for additional parking and add to Montville’s open space as an expansion of the Morris County Park system.
Minoia’s commitment to responsible growth and community enhancement is evident in both his business ventures and philanthropic efforts. Speaking about the recent acquisitions and prior land sale, Minoia emphasized his dedication to Montville’s holistic development. In a statement on CRE TV, Minoia expressed his ongoing affinity for Montville and his dedication to creating developments that contribute positively to the community. “Montville is not just where I work; it’s my home. I continue to be committed to responsible smart growth that enhances the township’s character and provides sustainable solutions for the future. Both of these recent acquisitions are a testament to that commitment,” he said.
As Nick Minoia continues to shape Montville’s landscape, his latest acquisitions mark another milestone in his mission to create lasting and impactful developments in Montville and the other markets served by Diversified. With a keen focus on responsible growth, innovation, and sustainability, Diversified Properties, under Minoia’s leadership, remains at the forefront of shaping Montville’s future.