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PARSIPPANY, NJ-A large tract of vacant land that is preserved under the state’s Highlands Act of 2004 is being marketed for sale by NAI James E. Hanson. The local brokerage firm has also been tapped to sell two adjoining, smaller parcels that can be developed.

The largest of the three parcels encompasses approximately 260 wooded acres in Hardyston Township. It is adjacent to Hamburg Mountain State Park and is zoned as a minimum impact development district with the Highlands Core Preservation area.

NAI Hanson senior vice president John Schilp tells GlobeSt.com that the Hardyston tract is priced at roughly $1 million. Its development potential is limited to such uses as either a farm, hunt club or a large residential estate. Prior to the establishment of the Highland Act, the seller, Imperatore Sussex Partnership LP, received offers for that piece of land of nearly $10 million, Schilp says. “[The act] affected the value of the property, and because of that the price has now dropped.” he says, adding that it is one of largest tracts of land on the market today in Northern New Jersey. The two other tracts include 76 acres in Franklin Township and 31 acres split between 14 acres in Hamburg Borough and 17 acres in Hardyston Township.

The Franklin Township parcel falls within the Highlands Planning Area where development is permitted. Priced at $760,000, the tract offers 350 feet of frontage along Route 23 that is zoned for highway commercial. The remainder is approved for single-family residential. Immediately south of that swathe of land is nearly 800,000 square feet of commercial space and it is also near two golf courses, according to Schilp. “It’s a well-located piece of property,” he states. “We’ve had a number of offers, but nothing near yet. A developer would be more interested in the Franklin parcel and not as much in Hardyston, so they will be sold separately.”

The Hardyston/Hamburg parcel is listed at $150,000 and is zoned for residential. Although the tract is within a wetlands area, it is home to a billboard leased to CBS. “It has development potential down the road and would be of interest to somebody who has the patience to work with the state DEP in order to get wetland permits,” Schilp says. “In the meantime, it has a billboard with a national credit paying rent.”

Schilp says he hopes to sell the parcels by the end of this year. “All the prices are very attractive.”

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