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EAST ORANGE, NJ-A downtown parcel of land has hit the market with an asking price of $1.7 million, according to Benjamin Rand, investment sales associate with Besen & Associates, New York City. Besen & Associates has the exclusive, and Rand is heading the assignment.

“It’s the largest parcel of block frontage on Main Street,” Rand says. The site encompasses 225 feet of frontage on the thoroughfare, which is also known as Dr. Martin Luther King Boulevard. The current owner is a locally based businessman, who operates an establishment on a portion of the site.

The property is near several major new developments, according to Rand. Among them is the new $125 million, 800-seat Performing Arts Center. Also nearby are two NJ Transit rail stations.

“This heavily trafficked mixed-use development parcel, which has a high level of visibility and proximity to new high-density residential sites, offers developers the opportunity for a significant return on investment,” Rand says.

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