HAMILTON TOWNSHIP, NJ—Commercial Development Corporation has acquired the former Congoleum Corporation site at 861 Sloan Avenue in Hamilton Township, NJ. The price was not disclosed.

As previously reported by GlobeSt.com, NAI Mertz has been marketing the property for Congoleum, which relocated its operations to Marcus Hook, PA.

The NAI Mertz team of Jeffrey Licht, SIOR, senior vice president, and Fred Meyer, SIOR, director of corporate services, handled the marketing efforts for the property.

In addition to its handling the of sale for Congoleum, CDC has given NAI Mertz the task of helping to create a new vision for the property.  

"We actually had a handful of suitors for the property," Licht tells GlobeSt.com exclusively. "We marketed it not only on a local basis but on a regional and national basis, and as a result, probably secured six or seven offers to purchase, and had 25-30 inspections of the property."

Prospects included traditional developers, developers with environmental expertise, as well as users interested in recreational, religious, industrial, and retail uses, Licht says.

"We really covered a smorgasbord of players," he says. CDC got the nod because of its expertise in dealing with environmental remediation of properties like the Congoleum site and its ability as a cash buyer to conclude the deal rapidly.

There are no specific plans for the property at this stage, Licht says. His team will be marketing the property for CDC, and he says NAI Mertz is "already engaging interest from retailers, recreational and industrial users."

"We are at least a year away while they raze the majority of the buildings that are on site," he says. "The only property they are looking at keeping is what we refer to as Building 55, which is about a 150,000 square-foot warehouse-distribution center, which is a really nice building with great cube."

A "handful of prospects" have already looked at the warehouse building, Licht says.

This high-profile property totals in excess of 1,050,000 square feet situated on 65 acres.  Located directly across from the Hamilton New Jersey Transit Center, the property is just minutes from Exit 65 of Interstate 295, and in close proximity to many of the state's highways including I-95 and Routes 1, 33, 130 and 206.  Additionally, the site is approximately 36 miles to Philadelphia and 57 miles to New York City.  Nearby are several dining options, retail shopping centers including the Quaker Bridge Mall, and the AMC Hamilton 24 Movie Cineplex.