Done Deals: HFF closes $11.1 million sale of 138-acre development site in West Orange, NJ

Tuesday, April 23, 2019

HFF closes $11.1 million sale of 138-acre development site in West Orange, NJ

Jose Cruz

MORRISTOWN, NJ, April 23, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces it has closed the $11.1 million sale of a nearly 138-acre development site in West Orange, Essex County, New Jersey.

HFF marketed the property exclusively on behalf of the seller, Montclair Golf Club. The Township of West Orange purchased the site.

The site at 90 Rock Spring Road offers views of the Manhattan skyline and access into the city via Interstate 280 and NJ Transit bus and train service.

The site is directly adjacent to South Mountain Reservation, a 2,000-acre park featuring Turtleback Zoo, indoor ice-skating rinks, walking trails, paddle boating, playgrounds and miniature golf, as well as a short drive to Essex Green Shopping Center and Montclair Township.

Kevin O'Hearn

The HFF investment advisory team representing the seller included Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli.

“West Orange is excited to now own the Rock Spring Golf Club at West Orange,” Mayor Robert D. Parisi of West Orange said. “This is the premier golf course in the Mid-Atlantic region, which will now serve the entire community, our neighbors and visitors.

"We look forward to its success and the opportunities it presents to preserve open space and improve the quality of life.”

“We are very pleased that the town opted to pursue the land site,” Cruz stated. “The opportunity to acquire 138-plus acres in West Orange is extremely rare.”

Michael Oliver

HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.