Rose Commercial Real Estate sells 14.66 acres of land in Delran for $2.25M

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Rose Commercial Real Estate said Monday that business development manager Jeffrey Lucas sold 14.66 acres of vacant land on Highway 130 south in Delran to New Brunswick’s Delran Associates LLC for $2.25 million.

The location had been zoned for retail and remained in the market due to overcrowding in the area.

Lucas represented both the buyer and the seller, Kamdy LLC, in the transaction.

The site had been perceived as a tough sell, but Lucas and his team at Rose turned it into a desirable site by determining three key elements: what will fit the site, what the market will support and what the government will approve. ? In this case, the result was a rezoning for the development of luxury apartments.

Once seen as reserved for those who could not afford to buy a home, interest in apartment living is a choice of many people who prefer not to own real estate and people without children. Delran Associates chose the site because it is close to public transport and surrounded by businesses. There was also a lack of new apartments in the area for years. Scheduled to open later this year, the apartment community will also contribute to the township’s affordable housing obligation.

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