An industrial development site located at 550 Rte 1 & 9 S. in Newark has been sold for a record-breaking price. The property spans across 4.5 acres and has been acquired by Gus Milano for a total of $34,000,000. This transaction marks a significant milestone in the market, with the site being sold at an impressive rate of $7.6 million per acre. The sale price reflects the high value placed on this development site, asserting its desirability and potential for future growth.

Summary of transaction details

• Property Type: Development Site
• Transaction Amount: $34,000,000
• Market: Newark
• Address: 550 Rte 1 & 9 S.
• Buyer: Gus Milano
• Seller: Li Hui Lo
• Brokers: Eric Michael Anton, Nelson Lee (The Anton Group), Matthew Nestler - Marcus & Millichap
• ACRES: 4.5

The transaction was facilitated by the expertise of Eric Michael Anton, Nelson Lee, and Matthew Nestler from The Anton Group, who represented the buyer and seller respectively. Their involvement in the deal showcases their ability to successfully navigate complex transactions and bring parties together. With their assistance, the transaction was executed smoothly, allowing for a favorable outcome for all involved parties.

The sale of the industrial development site at 550 Rte 1 & 9 S. in Newark sets a new benchmark in the market, with the impressive price per acre of $7.6 million. This record-breaking transaction highlights the desirability and potential of this property, solidifying its position as a valuable asset in the Newark market.