Class 1 Railroad Acquires Development Site On Railroad Avenue, Ewing Township, NJ For $2.2M

Class 1 Railroad LLC has acquired a development site located at 12 Railroad Avenue in Ewing Township, NJ. The property was sold by Big Urban Development LLC. The sale took place on 03/22/2021.

Summary of transation details

• Property Type: Development Site
• Transaction Amount: $2,200,000
• Market: Ewing Township, NJ
• Address: 12 Railroad Avenue

The development site spans across 2.25 acres and has a buildable square footage (BSF) of 98,271. The price per buildable square footage (PPBSF) was $22. It consists of 59,030 square feet of residential buildable space and 6,400 square feet of commercial buildable space.

The buyer was represented by Chez Eider from Chez Eider & Jason Petrick. The seller, Big Urban Development LLC, was represented by Jason Petrick from NJ_cre @marcusmillichap_newjersey. According to Chez Eider, the new development will revitalize the former 86-year-old Freddie's Tavern. The project aims to offer modernized retail and dining options, along with apartments above. This development will contribute to the enhancement of the Ewing community, providing a vibrant live-work-play environment. The Luxe at Ewing Station, located around one mile from the new Ewing Town Center, will be conveniently close to the West Trenton Station. The Ewing Town Center is an 80-acre redevelopment of the former General Motors plant, with plans to deliver 1,200 apartments and 120,000 square feet of retail space. Jason Petrick states that there is a high demand for multi-family development sites, resulting in fierce competition among national, regional, and local developers. Chez Eider adds that institutional and private equity investors continue to show strong interest in acquiring multifamily projects at different stages of stabilization.