Press Release: Joint Real Estate Companies Announce Sale of 803 South Avenue, Plainfield, NJ.
Bennett Realty & Development (BRD) and EDEN Property Company, LLC (EDEN) are proud to announce the sale of 803 South Avenue in Plainfield, New Jersey. The development project is fully approved, located in Redevelopment and Opportunity Zones, and included a 30-Year PILOT. It will bring tremendous value to this ever-changing area of the City.
The Project consists of a 104 market-rate apartment and 115 on-site covered parking stalls with amenities that included an 8,000 square foot, meticulously designed outdoor landscaped courtyard and an adjacent 4,000 square feet of highly functional indoor amenity space which incorporates a fitness room and club room. Located in the Netherwood area of the City, the site is within walking distance to the NJ Transit Train Station providing direct access to Newark and Manhattan via a transfer.
Bordering the site are Routes 22, 27, and 28 as well as Interstates 78 and 287 offering excellent vehicular connections to the Metro area. The Project is also well positioned to some of New Jersey’s largest workforce concentration centers including the Bridgewater and MetroPark submarkets.
BRD & EDEN hired CBRE to manage the marketing and sale of 803 South Avenue. We are thrilled by their great work procuring the buyer, West of Hudson. We congratulate the new owner and are eager to see the completed project which is just one of many future developments that BRD & EDEN are engaged in to strive to create new growth within the City of Plainfield.
“This is our second joint-project in the City of Plainfield which is a testament to our belief in the market and the fundamentals. This project wouldn’t happen without the unwavering support of the City of Plainfield and Mayor Mapp’s administration,” said Tyler Bennett, CEO of BRD. “We are excited to continue this relationship and announcing more projects soon.”
Dennis Cieri, CEO of EDEN added; “We are delighted to see this project finally coming out of the ground after nearly 4 years of diligent work. Our team, the City, and our ongoing belief in this market created a true one-of-a-kind multi-family project that will benefit the City for years to come.”
Minno Wasko Architects, Dynamic Engineering, and Calli Law comprised of the design, engineering, and land use team for the Project.
About Bennett Realty & Development (BRD)
Bennett Realty & Development is a fully-integrated commercial real estate company with offices in New Jersey and North Carolina. With a focus on commercial and multi-family development and third-party services including disposition, investment sales, leasing, and tenant representation, BRD maintains an unrivaled specialized approach to the commercial real estate space.
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