3P Equity Capital and The PRC Group said July 8 they acquired a 7-acre industrial site in Hightstown and will develop a mixed residential and retail project there.
The project will include about 340 dwelling units and 8,000 square feet of retail space in its first phases. The buildings now on the site will be torn down, with the exception of a historic structure.
“Changed demographics across suburbia demand that municipalities take a more proactive approach to promoting economic development,” said Jeffrey Otteau of Matawan-based Otteau Realty Advisors, who brokered the transaction. “This mixed-use project, which combines multi-family housing with lifestyle retail, will generate long-term fiscal benefits to the Hightstown community while also providing much needed housing opportunities.”
Bernardsville-based 3P Equity is a real estate investment firm specializing in walkable developments. PRC, based in West Long Branch, is a development and property management firm that traces its history back 60 years.