{"id":1004093171,"date":"2014-03-24T12:27:13","date_gmt":"2014-03-24T20:27:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004093171"},"modified":"2022-12-02T20:39:06","modified_gmt":"2022-12-03T04:39:06","slug":"diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj\/","title":{"rendered":"Diversified JV Buys 15-Acre M-F Development Parcel in Union, NJ"},"content":{"rendered":"

By Anna Spiewak, News Editor<\/em><\/p>\n

\"AERIAL<\/a><\/p>\n

Diversified Realty Advisors, in a joint venture with the Fidelco Realty Group, has bought a 15-acre residential development parcel at 400 Clermont Terrace in Union Township, N.J.<\/p>\n

The two N.J.-based companies will redevelop the former National Envelope Co. site as a residential community of 140 for-sale townhomes and 130 rental apartments. Cushman & Wakefield’s Metropolitan Area Capital Markets Group brokered the sale on behalf of the seller EnviroFinance Group.<\/p>\n

“This site was especially attractive to the development community as Union County, and more specifically Union, is a dense, mature market, which makes assembling a large parcel capable of accommodating 270 units very difficult,” \u00a0Brian Whitmer, who handled \u00a0the transaction, told\u00a0Commercial Property Executive.<\/em>\u00a0“Additionally, the site\u2019s location near the Union NJ Transit rail station makes it very attractive to future residents who commute via public transit.\u201d<\/p>\n

\"Brian<\/a>

Brian Whitmer, C&W<\/p><\/div>\n

Andrew Merin, David Bernhaut, Gary Gabriel and Ryan Down of Cushman & Wakefield also took part in orchestrating the transaction.<\/p>\n

The land once housed manufacturing facility for National Envelope Co., which sold the site to EnviroFinance in 2013 after filing for bankruptcy, according to NJBiz.<\/p>\n

The project’s price was not disclosed, and commencement of the construction has no set date, although it is said to be in the works imminently, according to Whitmer.<\/p>\n

The N.J.-based brokerage firm took close to a dozen bids for 400 Clermont from from both local and national multi-family developers.<\/p>\n

“There was a very competitive bidding process, and the buyer distinguished themselves not only quantitatively but also qualitatively,\u201d Whitmer added referring to Diversified and Fidelco.<\/p>\n

Northern New Jersey’s renter base is said to expand this year as high rents in New York City propel renters to seek rentals throughout the six-county region. \u00a0As owners in counties closer to Manhattan are already benefitting from this trend and leveraging high occupancies to raise rents (Essex, Bergen and Hudson), demand for apartment units is sweeping further west and south into Morris, Passaic and Union counties, according Marcus and Millichap’s latest Northern NJ Apartment Report.<\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Diversified Realty Advisors in a joint venture with the Fidelco Realty Group has bought a 15-acre residential development parcel at 400 Clermont Terrace in Union Township, N.J.<\/p>\n","protected":false},"author":952,"featured_media":1004093183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,11,21742,10],"tags":[],"class_list":["post-1004093171","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-midatlantic","category-latest","category-northeast"],"acf":[],"yoast_head":"\nDiversified JV Buys 15-Acre M-F Development Parcel in Union, NJ - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Diversified JV Buys 15-Acre M-F Development Parcel in Union, NJ\" \/>\n<meta property=\"og:description\" content=\"Diversified Realty Advisors in a joint venture with the Fidelco Realty Group has bought a 15-acre residential development parcel at 400 Clermont Terrace in Union Township, N.J.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-03-24T20:27:13+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-03T04:39:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/03\/400-Clermont-Aerial.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"936\" \/>\n\t<meta property=\"og:image:height\" content=\"624\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"Diversified JV Buys 15-Acre M-F Development Parcel in Union, NJ\",\"datePublished\":\"2014-03-24T20:27:13+00:00\",\"dateModified\":\"2022-12-03T04:39:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj\\\/\"},\"wordCount\":364,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/03\\\/400-Clermont-Aerial.jpg\",\"articleSection\":[\"Featured\",\"Investment\",\"Mid-Atlantic\",\"News\",\"Northeast\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/diversified-jv-buys-15-acre-m-f-development-parcel-in-union-nj\\\/\",\"name\":\"Diversified JV Buys 15-Acre M-F Development Parcel in Union, NJ - 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