Kislak Commercial Real Estate Services on Wednesday said it sold a 5,000-square-foot mixed-use retail and office property in Chatham for $2.35 million. That equates to $470 per square foot — the highest paid for a commercial property in Chatham since 2021 and among the highest ever paid there, according to data available from CoStar.
Kislak marketed the property on an exclusive basis on behalf of the seller, with Vice President Stephen Gianis handling the assignment, and he also procured the purchaser, 434 Realty Management LLC.
Located at 434 Main St., the property has been a locally recognizable bank branch location for more than 50 years. It is ideally located in the heart of Chatham across from a CVS-anchored strip center and just west of a Kings Food Market. It is a half-mile west of the Chatham Train Station, two miles west of the Mall at Short Hills and seven miles east of Morristown.
Both the seller and the purchaser are longtime Kislak clients. Gianis was previously the leasing agent for the property and procured several office tenants for it.
“Given the premier location of the property on a highly visible corner in desirable Chatham, our marketing of the property generated a tremendous amount of activity, resulting in multiple offers above the asking price within the first 30 days of our engagement. The purchaser intends to improve and complete the lease-up of the property,” Gianis commented.
Constructed in 1960, the property is a 5,000-square-foot, two-story brick mixed-use retail and office building with a pitched slate roof on 0.46 acre with 20 parking spaces. It sits at the signalized intersection of heavily trafficked Main Street/Route 124, Lafayette Avenue and Van Doren Avenue and includes 62 feet of frontage on Main Street/Route 124. The first floor is leased to Wells Fargo until mid-2023 and includes a drive-through window, but the bank recently closed the branch. The second floor includes occupied professional offices.