HFF announces that it has closed the sale of a 205.6-acre land site that is part of the larger Giralda Farms complex located in both Madison and Chatham. This is the largest land sale, by acreage, in New Jersey during 2014.
HFF worked exclusively on behalf of the seller, an entity owned by a CMBS trust, acting by and through its special servicer.
The land site is located along Route 124 (Madison Avenue) on the border of Madison and Chatham in Morris County near both Interstate 287 and Route 24. The site is three miles from Morristown, 18 miles from Newark Liberty International Airport and 25 miles west of Manhattan. The site is split into four main parcels: Madison Parcel (Block 2202, Lot 1), which has 40.1 acres zoned for 436,000 square feet of office space; Chatham Parcel (Block 142, Lots 1 and 2), which is zoned for 750,000 square feet of office space on its 131.63 acres; and Chatham Woodland Parcels (Block 141, Lots 7, 8 and 9.04), which has 33.86 acres that are zoned residential.
The HFF investment sales team was led by senior managing director Jose Cruz, managing director Kevin O’Hearn, senior real estate analyst Marc Duval and supported by senior managing director Andrew Scandalios.Related Articles: