8B — December 23, 2022 - January 19, 2023 — Northern New Jersey — M id A tlantic Real Estate Journal
www.marej.com
N orthern N ew J ersey
VP Stephen Gianis arranges sale for record price per square foot Kislak Commercial sells Chatham, NJ mixed-use property for $2.35 Million
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the assignment, and he also procured the purchaser, 434 Realty Management, LLC. Both parties are longtime clients. Gianis was previ- ously the leasing agent for the property and procured several office tenants for it. The $470 price per square foot is the highest paid for a commercial property in Cha- tham since 2021 and among the highest ever paid there according to data available from CoStar. Gianis commented, “Given the premier location of the property on a highly visible
corner in desirable Chatham, our marketing of the prop- erty 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 im- prove and complete the lease up of the property.” Constructed in 1960, the property is a 5,000 s/f 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 inter- section of heavily trafficked Main St./Rte. 124, Lafayette Ave. and Van Doren Ave. and includes 62 feet of frontage on Main St./Rte. 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 pro- fessional offices. The property has been a locally recognizable bank branch location for more than 50 years. It is ideally located in the heart of Chatham cross 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. Stephen Gianis joined Kis- lak in 2016 and specializes in commercial sales and leasing in northern and central New Jersey. In 2017, Mr. Gianis received Kislak’s prestigious Rookie of the Year award, which recognizes a newer salesperson who records the greatest achievements dur- ing the year. About Kislak Kislak Commercial Real Estate Services, Inc. with of- fices in Basking Ridge, New Jersey is the commercial sales and leasing affiliate of The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, and is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kis- lak’s market leadership posi- tion and longevity are due to its ability to offer clients a per- sonalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. MAREJ
HATHAM, NJ — Kis- lak Commercial Real Estate Services, Inc. announced the recent sale
of a 5,000 s/f mixed-use retail and of- fice property at 434 Main St. in Cha- tham, Morris County for $2.35 million. K i s l a k
marketed the property on an exclusive basis on behalf of the seller with vice president Stephen Gianis handling Stephen Gianis
434 Main St. in Chatham
Macy’s Parade Studio
Vermella Union
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