X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ROXBURY, NJ-Some 111 acres of virgin, heavily wooded development land in this northern New Jersey township will be auctioned off on the evening of Dec. 18, with New York-based real estate auctioneer Sheldon Good & Co. handling the disposition. The owner of the property was not disclosed. The same night, Good will also be handling the disposition of a number of other assets, including a 46,000-sf former nursing home in Ossining, NY and a variety of residential properties scattered around New Jersey, New York and Connecticut.

The Roxbury site, which is currently zoned light industrial/office research (LI/OR) by the township, is being sold without reserve, subject to a minimum bid of $1.25 million, according to Good officials. Anyone interested in taking the property has to have a certified or cashier’s check for $125,000 to take part in the bidding. The property was originally priced at $5.5 million on the open conventional market, according to Larry Samberg, director of business development for Sheldon Good & Co. Auctions NorthEast.

“The property offers a number of potential uses,” according to Samberg. “They include, but are by no means limited to such uses as professional offices, business offices and research facilities. Potential industrial uses are limited to assembly of finished components, packaging of finished products, fabrication of clothing and apparel and mini-warehousing and self-storage facilities.

“Other potential uses on the site include child care center and essential services from office to industrial to assisted living,” Samberg continues.

The site is located just east of The Rockefeller Group’s International Trade Center in neighboring Mt. Olive, in extreme northern New Jersey. One of the Garden State’s largest business parks, most of the International Trade Center carries federally-designated foreign-trade zone status allowing certain exemptions from import duties.

“The property offers immense potential under its current zoning,” Samberg concludes. “Besides that, it’s easily accessible to I-80 which, of course, is a major east-west trucking route.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.