Lee & Associates NJ Hosts Morristown, Chatham Sales
Lee & Associates New Jersey said it arranged four investment sale transactions, helping two active developers reposition two properties by securing development approvals.
The deals, announced on February 1, are for properties in Morristown and Chatham.
In Morristown, 79 Maple Ave. was sold to Emerson Group for $1.7 million in December 2021, with Senior Vice President Doug Gaffney representing the seller, local developer SD Development. The buyer, a Pennsylvania-based pharmaceutical marketing company, will use the property for its regional office. Currently under construction, according to Lee & Associates NJ, the building will be 10,000 square feet when complete.
Gaffney previously worked with the seller in its 2020 acquisition of 79 Maple Ave. – for $885,000 – and in obtaining approvals for the development of a mixed-use building.
“I am delighted to have represented SD Development in acquiring the property in early 2020 and helping them secure approvals for a premier mixed-use office building. Maple Ave. is arguably the one of the finest streets in Morristown with many nearby amenities and surrounded by beautifully restored historic homes dating back to the 1800s. Significant profits have been created through the efforts of the developer working with the town on the overall design,” said Gaffney in a prepared statement.
In Chatham, Gaffney worked with partner Joe Komitor to arrange the sale of 19 Center St. for more than $1.5 million on behalf of N&K Properties, which acquired the building in 2020 for less than $1 million. of dollars.
Following capital improvements to the office and 5,500 square foot medical property, the seller wanted to lease the empty office space, but ultimately elected to sell instead.
The building was purchased by a financial advisory firm, which Lee & Associates NJ says will use it as their headquarters. Jordan Baris Commercial Realtors represented the buyer.