Marcus & Millichap arranges sale of approved multifamily development site

Located in Middlesex County, “The Palette” is an approved multifamily development project. And, with its transit-oriented location – the city’s train station is on NJ Transit’s Raritan Valley line – the recently sold site generated strong interest from potential buyers.

That’s according to Marcus & Millichap, which announced the sale of the property at 520 North Ave. in Dunellen for $2.2 million June 30.

Jason Petrick and Chez Eider, investment specialists from the firm’s New Jersey office, had the exclusive listing to market the property on behalf of the seller and also secured the buyer. Neither parties were disclosed.

“Our advisory process helped guide the seller through unforeseeable challenges in an approved site which resulted in Marcus & Millichap procuring a 1031 Exchange developer to take the site to shovel ready status,” Petrick said in a statement.

The Palette measures 0.63 acres, but according to Eider the marketing plan doesn’t change dependent on a site’s size, “our process is the same to ensure maximum exposure and a hands-on approach throughout the entire transaction,” he said. “Even with smaller projects, persistence, being detail-oriented while executing a customized and targeted marketing campaign was key to bringing this deal over the finish line.