CB Richard Ellis Named Exclusive Sales Agent For 375,000-SF Redevelopment Property in Orange, N.J.
By Mel Fabrikant Monday, May 24, 2010, 09:58 AM EDT
- Former Orange Hospital Center available for use as retail and residential redevelopment investment opportunity -
CB Richard Ellis, New Jersey's largest commercial real estate brokerage firm, has been named the exclusive sales agent for a 375,000-square-foot retail and residential redevelopment opportunity at 188 S. Essex Avenue, in Orange, N.J. CB Richard Ellis First Vice President Dean Marchi and Gehane Triarsi are marketing this property on behalf of the owner, Essex Orange Urban Renewal Company, LLC.
"As the market continues to change and to inch toward recovery, prospective buyers need to be acutely aware of the opportunities within the marketplace," remarked Mr. Marchi, first vice president for CB Richard Ellis. "This property, which is located in Orange, is especially attractive to small to midsize businesses, owing to its easy access to nearby neighborhoods and New York City. Public transit and the heavy concentration of the region's primary banks, retail hot spots and restaurants draw people to the area, and make this site a prime location to build and develop a mixed-use property."
Also known as The Avenue at Orange, 188 S. Essex Avenue is a large redevelopment site of 11 buildings that formerly comprised the Hospital Center at Orange. The 8.4 acres of land has buildable square footage up to 700,000 sq. ft. of gross building area, and zoning permitting 672 units and 19,000 sq. ft. of retail space with the ability to build in phases of 100 units.
As the hub of Essex County, Orange offers a diverse population of 33,000. Two of the region's most vibrant urban shopping centers, Main Street Shopping District and Central Avenue, are nearby to serve the surrounding area's population density of 14,512 people per square mile. Orange also intersects an extensive network of train and bus transportation lines, and The Avenue at Orange is three blocks from the local New Jersey Transit train station and a 25-minute train ride from Manhattan, as well as one block from Interstate 280, which offers access to the New Jersey Turnpike and the Garden State Parkway.
"This is a prime investment for a developer with access to capital and financing," added Ms. Triarsi. "The site offers flexibility in a well-placed location, and we look forward to finding an appropriate buyer for this unique redevelopment opportunity."
CB Richard Ellis, New Jersey's largest commercial real estate brokerage firm, has been named the exclusive sales agent for a 375,000-square-foot retail and residential redevelopment opportunity at 188 S. Essex Avenue, in Orange, N.J. CB Richard Ellis First Vice President Dean Marchi and Gehane Triarsi are marketing this property on behalf of the owner, Essex Orange Urban Renewal Company, LLC.
"As the market continues to change and to inch toward recovery, prospective buyers need to be acutely aware of the opportunities within the marketplace," remarked Mr. Marchi, first vice president for CB Richard Ellis. "This property, which is located in Orange, is especially attractive to small to midsize businesses, owing to its easy access to nearby neighborhoods and New York City. Public transit and the heavy concentration of the region's primary banks, retail hot spots and restaurants draw people to the area, and make this site a prime location to build and develop a mixed-use property."
Also known as The Avenue at Orange, 188 S. Essex Avenue is a large redevelopment site of 11 buildings that formerly comprised the Hospital Center at Orange. The 8.4 acres of land has buildable square footage up to 700,000 sq. ft. of gross building area, and zoning permitting 672 units and 19,000 sq. ft. of retail space with the ability to build in phases of 100 units.
As the hub of Essex County, Orange offers a diverse population of 33,000. Two of the region's most vibrant urban shopping centers, Main Street Shopping District and Central Avenue, are nearby to serve the surrounding area's population density of 14,512 people per square mile. Orange also intersects an extensive network of train and bus transportation lines, and The Avenue at Orange is three blocks from the local New Jersey Transit train station and a 25-minute train ride from Manhattan, as well as one block from Interstate 280, which offers access to the New Jersey Turnpike and the Garden State Parkway.
"This is a prime investment for a developer with access to capital and financing," added Ms. Triarsi. "The site offers flexibility in a well-placed location, and we look forward to finding an appropriate buyer for this unique redevelopment opportunity."
