Cushman & Wakefield on Thursday said it orchestrated the $4.5 million sale of a prime, mixed-use development site at 1192 Sussex Turnpike in Randolph, signaling a major addition to the residential and retail landscape of Morris County.
The deal transfers the 2.93-acre “shovel-ready” property from the seller, Ludiro, Inc., to the buyer, OES Properties.
The site is situated in the Mount Freedom section of Randolph, an area currently seeing a surge in high-end residential growth. The project is fully approved for a multi-faceted community that blends luxury housing with local commerce:
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25 townhomes: Designed to meet the high demand for modern, multi-level living in the suburbs.
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Mixed-use building: A three-story structure featuring 4,055 square feet of ground-floor retail space.
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10 luxury apartments: Located on the second and third floors above the retail space.
“The buyer recognized the immense value in acquiring a project that will bring much-needed housing and retail options to Randolph,” Jordan Sobel of Cushman & Wakefield said. Sobel, along with Andrew Schwartz, Andre Balthazard and Dan Bottiglieri, represented the seller and procured the buyer.
The site’s appeal is bolstered by the affluent nature of the surrounding area. Within a one-mile radius of the property, the average annual household income exceeds $243,000, with over 73% of residents holding a bachelor’s degree or higher.
Logistically, the development is positioned for maximum convenience:
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Transit: Nearby NJ Transit stations in Dover, Morristown, and Morris Plains provide direct access to the Morris & Essex and Montclair-Boonton Lines.
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Connectivity: Major highways including Routes 10 and 46, and Interstates 287 and 80, are easily accessible.
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International travel: Newark Liberty International Airport is just a 38-minute drive away.
The development at 1192 Sussex Turnpike joins other significant projects in the immediate vicinity, including the nearby Kensington Square by Pulte Homes and the recently broken-ground Liberty Village, a 125-unit community at the intersection of West Hanover Avenue and Sussex Turnpike.
As Morris County continues to evolve into a premier destination for professionals and families, this $4.5 million transaction ensures that 1192 Sussex Turnpike will remain a focal point of that transformation.
