Advance Realty Announces $7.25-Million Sale of Morris Plains, N.J. Land Parcel to Lennar Corporation
Homebuilder Attracted to Shovel-Ready Site
Advance Realty, a leading Northeast U.S. owner and developer of mixed-use and multi-family properties and Class A office, announced today that it has completed the sale of a 4.86-acre land parcel in Morris Plains. N.J. Homebuilder Lennar Corporation purchased the land, which has an approved site plan already in place, from Advance at a cost of $7.25 million.
Lennar was attracted to the land parcel, in large part, due to its shovel-ready status. Leveraging its vast expertise in the process of coordinating building permits and town approvals, Advance worked with local officials to secure site plan approval for the development of 70 townhomes – since named Coventry Park at Morris Plains – prior to the land sale, in addition to completing the demolition of several buildings on the parcel.
Kevin Tartaglione, Advance Realty’s Senior Vice President and Chief Operating Officer, represented Advance in the transaction.
“This transaction is the successful result of a well-thought-out strategy, which entailed unlocking the full value of this land parcel in order to create a desirable investment opportunity,” said Tartaglione. “Advance’s more than 30 years of experience navigating the development approvals process, as well as our thorough knowledge of the area, were critical factors in securing the proper approvals to maximize the intrinsic value of this property.”
Situated in the heart of Morris County with frontage on Littleton Road, the site is near public transportation via Morristown and offers access to major roadways including Routes 10, 287 and 80. Additionally, the community boasts a location within walking distance of numerous high-end retail shops along the Route 10 corridor.
Already under construction, Coventry Park at Morris Plains will be open for pre-sales in the fall, and the homes, which will feature attached garage parking, are expected to be priced from the mid $300,000s. Lennar now has a total of 11 communities in New Jersey.
“The completion of this transaction is great news for Morris Plains, as we’re eager to see this prime property transformed into an integral part of town,” said Morris Plains Mayor Frank Druetzler. “Coventry Park at Morris Plains will play a key role in meeting the housing needs of a growing number of local residents.”
About Advance Realty
Advance Realty, headquartered in Bedminster, N.J is an owner and developer of office, flex, industrial, retail and multifamily properties. With 4.5 million square feet of operating properties and a development portfolio consisting of 6 million square feet of commercial projects and 6,500 residential units, Advance is one of the leading real estate owners in the Northeast. For more information, call Advance Realty at (908) 719-3000 or visit www.advancerealtygroup.com.
