OES Properties Acquires Development Site In Randolph From Ludiro Inc For $4.5M

A development site located at 1192 Sussex Turnpike, Randolph, N.J., was sold for $4,500,000. The property is approved for 35 residential units along with retail space, with plans for 25 townhomes and a mixed-use building that includes 4,055 square feet of retail space and 10 apartments. The transaction reflects the strong demand for entitled projects in Morris County.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $4,500,000
• Buyer: OES Properties
• Seller: Ludiro Inc
• Brokers: Andrew Schwartz, Jordan Sobel, Andre Balthazard & Daniel Bottiglieri - Cushman & Wakefield

The sale was facilitated by Cushman & Wakefield, indicating the involvement of experienced brokers in the transaction. The deal represents the continuous efforts within the industry to capitalize on the growing market for mixed-use developments in this area.