Marcus & Millichap brokers sale of development site for $4.9M

MORRISTOWN, NJ — Marcus & Millichap announced the sale of 25 Market St. in Morristown. The property is in a desirable live-work-play downtown area, located a half mile from the Morristown Train Station and steps from The Green.

Jason Petrick and Chez Eider of Marcus & Millichap’s New Jersey office 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.

Petrick and Eider generated numerous offers, including as-is and contingent deals, giving the seller the flexibility to assess multiple paths forward. This approach ensured a competitive environment, allowing the seller to secure an optimal outcome.

“Development transactions in today’s market require a well-structured process with maximum exposure to uncover the best opportunities for a seller,” added Eider. “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.”