Bijou Properties Buys Montclair Mixed-Use Development Site
The 0.832-acre parcel is a transit-oriented infill site that is zoned for mixed use development, according to JLL, which brokered the transaction between Bijou Properties and the seller Kensington Senior Living.
MONTCLAIR, NJ—Bijou Properties of Hoboken, NJ has closed on the purchase of a nearly one-acre development site in Downtown Montclair.
The 0.832-acre parcel is a transit-oriented infill site that is zoned for mixed use development, according to JLL, which brokered the transaction between Bijou Properties and the seller Kensington Senior Living. No financial terms of the transaction were disclosed.
JLL marketed the property exclusively on behalf of the seller, Kensington Senior Living, and procured the buyer, Bijou Properties. The JLL Capital Markets team representing the seller included Jose Cruz, Marc Duval, Stephen Simonelli, Kevin O’Hearn, Michael Oliver and Mark Mahasky.
65 Church St. is located near Downtown Montclair’s sidewalk cafés, retailers and street performers within the Hahnes Redevelopment Zone. The transit-oriented, infill site has earned a Walk Score® of 95 and is proximate to the NJ Transit Bay Street Station. The main-and-main location provides the opportunity to construct a best-in-class, boutique mixed-use property with ground-floor retail and up to five stories of residential space above, JLL states.
“We had a great response to the offering given it is a multi-housing development in Montclair,” Cruz stated. “The investors were driven by the strong demographics in town.”
Some of Bijou Properties recent projects include Park + Garden, Garden Street Lofts (New Jersey’s first LEED Gold residential high-rise) and Vine, a 135-unit, LEED-certified rental building at 900 Monroe St. The developer has also introduced Candela Lofts, the first Passive House multi-family condominium building in New Jersey; VIA Lofts, a collection of 10 luxury condominiums at 1410 Grand St.; and Edge Adams, a 34-unit rental building that is part of its Edge Lofts apartment portfolio. Its most recent project, 7 Seventy House, delivered 424 upscale rentals and 90,000 square feet of indoor and outdoor amenity space. The 14-story building at 770 Jackson was built in conjunction with a two-acre public resiliency park donated to the City of Hoboken.