BARNEGAT, NJ–The auction house Sheldon Good & Company has sold a 110-acre redevelopment site in Barnegat Township for $685,000 to an undisclosed buyer, GlobeSt.com has learned.
The auctioneer conducted a U.S. Bankruptcy Court bank-directed sale of the parcel, one of the last remaining large-scale sites near the Garden State Parkway zoned for residential development. The auction sale represents the first time the entire property – located at 1111 West Bay Avenue in Barnegat, New Jersey – has been offered for sale since it was formerly used by Shoreline Sand and Gravel for the extraction, processing, and distribution of construction materials.
There was interest from two parties at the Dec. 18 auction, a spokesman from Sheldon Good tells GlobeSt.com. The deal was closed on Dec. 21.
The Barnegat Township Planning Board and Township Committee has supported the site’s redevelopment as a boon to a growing local population. Town officials have said that it will require some environmental clean-up prior to new construction, however.
“This was a unique opportunity to purchase a substantial and rare redevelopment site with great flexibility at a compelling starting bid price,” said John Cuticelli, CEO of Sheldon Good & Compan, a Racebrook Portfolio company.
The auction was held at the Trenton federal Bankruptcy Court .