"Today's news is a positive step in the right direction for all of the communities that sit on the Raritan Valley Line," said State Senator Nicholas Scutari. "One seat ride is critical for the continued economic growth of our region."

The outline of the preliminary community plan includes 360 residential units in a mix of affordable and market rate, 800,000 square feet of commercial and office space, and a multi-modal transit plaza.

The firm buys a property with three single-story distribution warehouse buildings, totaling 150,245 square feet.

During CCIM Institute's annual global conference, Aeronyde's Trevor Rango opened the event by talking drone data, flying cars and other new technologies that are changing the industry paradigms.