S hopping C enters N ew J ersey /P ennsylvania
M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B
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Developer continues to shape Montville’s landscape with sustainable and innovative projects Diversified Properties expands portfolio with two strategic Montville, NJ acquisitions
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the needs of local Montville- area businesses, including plumbers, electricians, and other service-oriented en- terprises seeking a smaller generally unavailable space in the current market. Nick Minoia’s passion for Montville goes beyond busi- ness. As a resident, he is deep- ly invested in the township’s well-being and is dedicated to ensuring its smart growth; Diversified Properties is not only robust but is also envi- ronmentally conscious. They have a vision for cutting-edge development that emphasizes energy efficiency and sustain - ability which ensures that these properties will stand the test of time. In Diversified Properties’ acquisition several years ago for the five-building industrial complex on Mars Court, one of the key challenges identi- fied after his purchase was the shortage of parking facili- ties for neighboring Pyramid Mountain Park visitors. In response, Diversified Prop - erties, under Nick Minoia’s leadership, arranged a heavily discounted sale of six acres of land adjacent to the park to the Morris County Park system. This land sale will address the park’s need for additional parking and add to Montville’s open space as
an expansion of the Morris County Park system. Minoia’s commitment to re- sponsible growth and commu- nity enhancement is evident in both his business ventures and philanthropic efforts. Speaking about the recent acquisitions and prior land sale, Minoia emphasized his dedication to Montville’s holistic develop- ment. In a statement on CRE TV, Minoia expressed his on- going affinity for Montville and his dedication to creating developments that contribute positively to the community. “Montville is not just where I work; it’s my home. I continue to be committed to responsible smart growth that enhances the township’s character and pro- vides sustainable solutions for the future. Both of these recent acquisitions are a testament to that commitment,” he said. As Nick Minoia continues to shape Montville’s land- scape, his latest acquisitions mark another milestone in his mission to create lasting and impactful developments in Montville and the other markets served by Diversified. With a keen focus on respon- sible growth, innovation, and sustainability, Diversified Properties, under Minoia’s leadership, remains at the forefront of shaping Mont- ville’s future. MAREJ
ONTVILLE, NJ — CRE TV - During the final week of 2023,
Nicholas Minoia , founder of Diversified Properties , strengthened his presence in Montville with the acquisi- tion of two prime industrial properties. These latest devel- opments add to Minoia’s exten- sive track record of shaping the community where he both lives and works. The most recent additions to Minoia’s portfolio include an industrial building at 45 Indian Lane and another
Diversified Properties Proposed 55,000 S/f Building on Rte. 202 at Rte. 287 Exit in Montville, NJ (Rendering).
ALLENTOWN, PA — Insti- tutional Property Advisors (IPA) , a division of Marcus & Millichap , announced the sale of Dorneyville Sho pp i ng Center, a 101,651 s/f, grocery-an- chored neigh- b o r h o o d shopp i ng center in Allentown. The prop- erty sold for $17.8 million. “Demand for grocery-an- chored shopping centers re- mains high, and Dorneyville Shopping Center drew substan- Brad Nathanson development site purchased from PSE&G on Rte. 202 at the Rte. 287 exit ramp. Stra- tegically situated at the Rte. 287 exit, it has received full approval from the township of Montville and the county of Morris for the development of a three-building flex indus - trial park of approximately 110,000 s/f. The 33,000 s/f existing build- ing at 45 Indian Lane plus adjacent vacant lot will be repositioned, as a new tenant is sought for the portion of the building that is currently vacant. Minoia had previously acquired a property on Indian Lane that attracted interna- tional attention. Quintessence Fragrances Inc, an interna- tional fragrance company, recently signed a long-term lease at 1 Indian Lane, having chosen Montville as its USA headquarters. Minoia appreci- ates Montville’s easy access to major transportation Rte.s,
including Rte. 287, making it an ideal location for businesses seeking to establish them- selves in a thriving community. The second property ac- quired from PSE&G repre - sents an exciting prospect for Montville’s future growth. With local and county ap- provals in hand, construction is anticipated to commence within the next 30 days. The project involves the develop- ment of three flex industrial buildings, with sizes ranging from 22,500 to 55,000 s/f. It is designed to primarily serve as a local flex-industrial space, encompassing a mix of office, warehousing, and manufac- turing areas. Additionally, the development will feature both smaller units, varying from 2,500 to 5,000 s/f, as well as stand-alone build- ings of up to 55,000 s/f. These compact spaces are intended for occupancy by local service businesses which cater to
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Nathanson and Colussi of Institutional Property Advisors sells grocery-anchored shopping center in Allentown PA
2-3B
tial national interest given its proximity to Dorney Amuse- ment Park and locale in one of
the fastest- growing sub- markets for new housing, industrial development, and above- average in- come growth in the state, the Lehigh
SPO TLIGHT
ALSO INSIDE Pennsylvania..............9-BC-B People on the Move....... 12B Southern New Jersey 5-6B
JP Colussi
Dorneyville Shopping Center
Valley,” said Brad Nathan- son , IPA executive director. Nathanson and IPA senior director JP Colussi repre- sented the seller, Joshi Hotel Group and procured the
components with vacancy and additional pad development attracted a large audience of investors who hold these strong retail fundamentals in high regard,” said Colussi. MAREJ
buyer, LS Property Invest- ments . “The prominence of value-add grocery-anchored centers in dense, high-income submarkets, a relatively new lease with Aldi and value-add
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