Industry Veteran Completes Hotel Sale
Cedar Knolls, N.J., December 4, 2019 – Mr. Maria completed the $4,050,00 sale of Hanover Hotel at 1255 Route 10, Whippany, New Jersey. Representing both the buyer and seller, he commented: “The hotel, as it currently exists, has been a long-time annoyance for the city of Whippany, Hanover Township. The new owners intend to change this circumstance.”
The property was originally constructed in the 1960’s as a Howard Johnson hotel property, under the flagship of different owner operators over the years, and at one time, had a full-service restaurant as part of the hotel operation.
The property is located on a busy thoroughfare at the southwest intersection of State Highway Route 10 east and I-287 in Whippany, New Jersey. Nearby is a large employment pool of corporate offices and national and international businesses. The new owners intend to capitalize on these demographics by redeveloping this underutilized motel structure into a full-service hotel property, re-establishing a full-service restaurant as well.
Nicholas Maria joined Newmark Associates CRE, LLC, as a Sales Associate in 2019 after more than 25 years as a successful marketing and sales career and thereafter over 15 years in commercial real estate sales. He joins Newmark’s Retail Division under the leadership of Neal Richards, another industry veteran.
To the commercial real estate industry, he brings years of strategic planning, marketing, training and supervision of project teams and internal staff, managing P&L, and development of long-term, loyal relationships with senior executives – expertise and experience all vital to managing transactions with clients in sales and leasing transactions.
“By perseverance and commitment to clients’ needs, this deal was completed,” Mr. Maria further remarked – qualities characteristic of Newmark’s core competencies.
Newmark Associates CRE, located in Cedar Knolls, New Jersey, celebrates more than 30 years in the commercial real estate industry as one of the top brokerage companies in the state, and recognized repeatedly with awards by both NJBIZ magazine, and the CoStar Commercial Real Estate organization. Specializing in lease and sales transactions of office, industrial, retail, land, healthcare and mixed-use properties, Newmark Associates customers range from regional, entrepreneurial firms to Fortune 500 companies. Certified as a woman-owned business by the Women’s Business Enterprise National Council, Newmark Associates is registered as a Supplier Diversity provider with corporate members.