Lee & Associates New Jersey said it arranged four investment sales transactions, assisting two active developers in repositioning two properties by obtaining development approvals.

The deals, announced Feb. 1, involve properties in Morristown and Chatham.

In Morristown, 79 Maple Ave. sold to The Emerson Group for $1.7 million in December 2021 with Senior Vice President Doug Gaffney representing the seller, local developer S-D 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 boast 10,000 square feet when it is completed.

Gaffney previously worked with the seller in its 2020 acquisition of 79 Maple Ave. — for $885,000 — and in obtaining approvals for the developing mixed-use building.

“I am thrilled to have represented S-D Development in acquiring the property in early 2020 and assisting them in obtaining approvals for a first-class mixed use office building. Maple Ave. is arguably one of the nicest streets in Morristown with abundant amenities nearby and surrounded by beautifully restored, historic homes dating back to the 1800’s. Significant profit was created through the developer’s efforts in working with the town on the overall design,” Gaffney said in a prepared statement.

In Chatham, Gaffney worked with Associate 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 under $1 million.

Following capital improvements at the 5,500-square-foot office and medical property, the seller was interested in leasing out the empty office space, but ultimately chose to sell instead.

The building was purchased by a financial advisory firm that Lee & Associates NJ said will use as its corporate office. Jordan Baris Commercial Realtors represented the buyer.