Diversified Properties founder Nicholas Minoia closed out 2023 by acquiring two industrial properties in his, and his business’s, hometown community of Montville.

The additions are a 33,000-square-foot building located at 45 Indian Lane and a development site situated on Route 202 that was purchased from PSE&G, according to a Jan. 17 announcement.

On Indian Lane, the existing building and an adjacent vacant lot will be repositioned. Meanwhile, the latter site – strategically situated at the Interstate 287 exit ramp – has received full approval from Montville and Morris County for a three-building flex industrial park comprising approximately 110,000 square feet.

Construction on that project is expected to kick off within the next 30 days. The buildings will range from 22,500 square feet to 55,000 square feet and encompass a mix of office, warehousing and manufacturing spaces. Smaller units will also be available, ranging from 2,500 square feet to 5,000 square feet. According to Diversified’s announcement, these more compact spaces will fill a market need by catering to local businesses that serve the community, such as plumbers, electricians and other service-oriented operators.

That local edge carries throughout Minoia’s work with Diversified and across his philanthropic efforts, a sentiment he expressed in a statement on CRE TV:

“Montville is not just where I work; it’s my home. I continue to be committed to responsible smart growth that enhances the township’s character and provides sustainable solutions for the future. Both of these recent acquisitions are a testament to that commitment,” Minoia said.

CRE TV is a channel from Diversified Digital Network TV LLC, co-founded by Minoia.

The Indian Lane property is the second Diversified has added along that roadway. In 2022, the real estate developer and owner acquired the 9,000-square-foot industrial property at 1 Indian Lane. Recently, international fragrance company Quintessence Fragrances Inc. signed a long-term lease to utilize the site as its U.S. headquarters, according to Diversified.

Free parking

When Diversified Properties acquired the five-building industrial complex on Mars Court in Montville several years ago, one of the key challenges identified afterward was the shortage of parking facilities for the neighboring, 1,675-acre Pyramid Mountain Park. To rectify that, the company sold undeveloped acreage to the Morris County Park system. Read more here.