NAI James E. Hanson announces it has arranged the sale of 170 acres of land along Carpentersville Road and High Street in Pohatcong, N.J. NAI James E. Hanson’s John J. Schilp and Tom Ryan represented the sellers and each of the three buyers in the transaction.
Nearby Interstate 78, the 170-acre parcel of land sits less than a mile from the Delaware River and mere minutes from Phillipsburg and downtown Easton, Pa. Along with a tremendous location, the land had also been zoned for a wide range of prospective usages including a 10 MW private solar facility and 242 residential units.
The unique range of uses found at the Carpentersville Road and High Street site contributed to a complex transaction, as the property’s flexibility attracted three separate buyers looking to acquire pieces of the 170-acre site. Ownership of the land by a large regional bank added another layer of complexity to the transaction. NAI Hanson’s Schilp and Ryan worked with the owner and the three buyers to guide the transaction to completion and allow each of the buyers to begin the process of recognizing the potential of this unique piece of land.
“Although every land deal in northern New Jersey presents a wide range of challenges and opportunities, this deal’s complexity was unique in many regards,” said Schilp. “With three different buyers and bank ownership of the land, the transaction required the steady hand of an experienced and knowledgeable brokerage team. Fortunately for both the buyers and seller, Tom and I have decades of experience in closing complex transactions like this to ensure that a fair and mutually beneficial deal could be negotiated for all parties.”
The sale marks Schilp’s second large land sale of the year. Earlier in 2018, Schilp and NAI Hanson’s Sigmund Schorr represented the buyers and sellers in the sale of 244 acres of land along Mt. Lebanon Road in Lebanon Township, N.J.