Sheldon Gross Realty sells large undeveloped Monmouth County site

Sheldon Gross Realty announced recently it has sold 47 acres of undeveloped land in Monmouth County’s Wall Township.The site, purchased for an undisclosed sum by Mack-Cali Real Estate Corp., has been approved for office and industrial use with a maximum size of 275,000 square feet.

“This particular parcel of land was in my family for more than a century, and our goal had always been to maximize its potential,” Sheldon Gross, president of Sheldon Gross Realty, said in a prepared statement. “We began developing other acreage in the area years ago, with the construction of various office and industrial buildings. All of them have been extremely successful, and I’m confident this site will prove to be a terrific purchase for Mack-Cali.”

Sheldon Gross Realty was the previous owner of the property and also served as the broker during the sale. Financial terms of the deal were not disclosed.

“When it comes to investment opportunities in commercial real estate, Wall Township is an outstanding location,” Gross said in a statement. “It’s a vibrant, growing area, and the demand for office locations is tremendous. Anyone who’s able to purchase commercial property here will do very well.”