Redevelopment continues in downtown South Orange, according to NAI Hanson

NAI James E. Hanson, a commercial real estate firm based in Teterboro, announced on Tuesday the sale of a 0.52-acre lot in South Orange.

Formerly the site of a Wells Fargo branch, 8 Second St. is located in South Orange’s Central Business District directly across from the South Orange New Jersey Transit train station, making it an ideal spot for the village’s latest mixed-use development project, NAI Hanson said.

The new owner, NAI Hanson said, plans to transform the 26,000-square-foot lot into a mixed-use building with ground level retail and residential on top.

“In recent years, South Orange has emerged as one of New Jersey’s top downtowns,” Joan Cenicola of NAI Hanson said. “This property’s ideal location and proximity to the South Orange NJ Transit Station made it a prime investment opportunity in a vibrant neighborhood. Leveraging our deep local market knowledge, we were able to recognize the market forces at play around 8 Second Street to determine the best usage for the site to ensure our client received fair market value in the current market.”

NAI Hanson’s Cenicola and John Schilp represented the seller, Wells Fargo, in the deal with the buyer, 8 Second Street LLC.