Zoheir Puthawalla Of Hup Partners Purchases 122.93 Acre Development Site In South Brunswick For $2.5M

The transaction involves a development site located at 310-324 Friendship Road in South Brunswick, NJ. The asset encompasses 122.93 acres of land, of which 20 acres are farmed for soybean. The property falls under zoning classification RR Rural Residential, and the tax assessment for the farmland is $4,500 per year. The sale price for this development site was $2,500,000.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $2,500,000
• Buyer: Zoheir Puthawalla - Hup Partners
• Seller: James Jefer - Turkey Island Corporation
• Buyer's Representative: David Jaffe - Century 21 - Burke Realty
• Seller's Representatives: Jerry Fennelly & Matthew Fennelly - Fennelly Associates
• Land Area: 122.93 Acres
• Farmed Area: 20 Acres Soybean
• Zoning: RR Rural Residential
• Taxes (Farmland Assessment): $4,500/Year

This transaction was facilitated by David Jaffe representing the buyer. The seller was represented by Jerry Fennelly and Matthew Fennelly, indicating a collaborative negotiation process between the parties. The sale took place on October 29, 2024, highlighting a completed agreement on the specified date.