Press Releases
Marcus & Millichap Brokers Sale of Prime Downtown Morristown Development Site for $4.9 Million
February 10, 2025
MORRISTOWN, N.J., Feb. 10, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 25 Market Street in Morristown, NJ. The property is in a desirable live-work-play downtown area, located a half-mile from the Morristown Train Station and steps from The Green.
Jason Petrick and Chez Eider of Marcus & Millichap’s New Jersey office exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor. Legal representation for the transaction included Frank Vitolo of Sills, Cummis, & Gross P.C., Ivette Alvarado of Sills, Cummis, & Gross P.C., and Nicholas Racioppi, Jr. of Riker Danzig LLP.
“Iconic New Jersey towns, such as Morristown, will always be in demand despite the high inflation/interest rate market,” said Petrick. “Ultimately, we produced numerous offers with multiple site scenarios from a broad range of developers. We are excited to play a small part in transforming the downtown Morristown skyline.”
This property attracted interest from a wide range of developers, each evaluating various potential uses. Through a structured, multi-stage marketing process, Petrick and Eider generated numerous offers—including as-is and contingent deals—giving the seller the flexibility to assess multiple paths forward. This approach ensured a competitive environment, allowing the seller to secure an optimal outcome.
“Development transactions in today’s market require a well-structured process with maximum exposure to uncover the best opportunities for a seller,” added Eider. “By casting a wide net, we engaged a diverse range of developers, providing the seller with multiple paths forward and securing the strongest outcome in one of the nation’s highest-income markets.”
Jason Petrick and Chez Eider of Marcus & Millichap’s New Jersey office exclusively marketed the property on behalf of the seller and procured the buyer, a local private investor. Legal representation for the transaction included Frank Vitolo of Sills, Cummis, & Gross P.C., Ivette Alvarado of Sills, Cummis, & Gross P.C., and Nicholas Racioppi, Jr. of Riker Danzig LLP.
“Iconic New Jersey towns, such as Morristown, will always be in demand despite the high inflation/interest rate market,” said Petrick. “Ultimately, we produced numerous offers with multiple site scenarios from a broad range of developers. We are excited to play a small part in transforming the downtown Morristown skyline.”
This property attracted interest from a wide range of developers, each evaluating various potential uses. Through a structured, multi-stage marketing process, Petrick and Eider generated numerous offers—including as-is and contingent deals—giving the seller the flexibility to assess multiple paths forward. This approach ensured a competitive environment, allowing the seller to secure an optimal outcome.
“Development transactions in today’s market require a well-structured process with maximum exposure to uncover the best opportunities for a seller,” added Eider. “By casting a wide net, we engaged a diverse range of developers, providing the seller with multiple paths forward and securing the strongest outcome in one of the nation’s highest-income markets.”
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
