111-Acre Development Site to be Auctioned

ROXBURY, NJ-Some 111 acres of virgin, heavily wooded development land in this northern New Jersey township will be auctioned off on the evening of Dec. 18, with New York-based real estate auctioneer Sheldon Good & Co. handling the disposition. The owner of the property was not disclosed. The same night, Good will also be handling the disposition of a number of other assets, including a 46,000-sf former nursing home in Ossining, NY and a variety of residential properties scattered around New Jersey, New York and Connecticut.

The Roxbury site, which is currently zoned light industrial/office research (LI/OR) by the township, is being sold without reserve, subject to a minimum bid of $1.25 million, according to Good officials. Anyone interested in taking the property has to have a certified or cashier’s check for $125,000 to take part in the bidding. The property was originally priced at $5.5 million on the open conventional market, according to Larry Samberg, director of business development for Sheldon Good & Co. Auctions NorthEast.

“The property offers a number of potential uses,” according to Samberg. “They include, but are by no means limited to such uses as professional offices, business offices and research facilities. Potential industrial uses are limited to assembly of finished components, packaging of finished products, fabrication of clothing and apparel and mini-warehousing and self-storage facilities.

“Other potential uses on the site include child care center and essential services from office to industrial to assisted living,” Samberg continues.

The site is located just east of The Rockefeller Group’s International Trade Center in neighboring Mt. Olive, in extreme northern New Jersey. One of the Garden State’s largest business parks, most of the International Trade Center carries federally-designated foreign-trade zone status allowing certain exemptions from import duties.

“The property offers immense potential under its current zoning,” Samberg concludes. “Besides that, it’s easily accessible to I-80 which, of course, is a major east-west trucking route.”