NAI James E. Hanson trades 2 mixed-use properties in Chester

NAI James E. Hanson on Thursday said it negotiated the sale of a combined 11,900 square feet of mixed-use space at 24 Perry St. and 15 Seminary Ave. in Chester.

Hanson’s John Schilp and Jonathan Kristofich represented both the buyer, K&R Perry LLC, and the seller in the transaction.

24 Perry St. and 15 Seminary Ave. are located in downtown Chester near the intersection of Route 206 and Main Street. The buildings’ proximity to bustling Main Street provides premier accessibility to a wide variety of boutique shopping and high-end restaurants.

24 Perry St. is a two-story, 3,900-square-foot building that contains a spacious two-bedroom, one-and-a-half bathroom apartment with two roof terraces, a two-car garage and a four-bay auto repair shop leased to Chester Auto Repair.

15 Seminary Ave. is an 8,000-square-foot, two-story building leased to the Art of Dance, a dance studio offering classes on styles including ballet, jazz, tap and more.

In search of an investment property to meet a 1031 exchange requirement, the buyer took interest in the properties’ in-place long-term leases as well as its proximity to downtown Chester.

“Even in a high interest rate environment, well-priced investment properties are still a sought-after commodity on the open market,” Kristofich said. “We are happy we could help the seller secure a premium value for their well-located assets while also ensuring that the buyer can meet their 1031 exchange needs with the acquisition of two stable long-term investment properties.”