434 Main St. in Chatham — Courtesy: Cushman & Wakefield
By Joshua Burd
The site of a vacant former bank building in downtown Chatham has changed hands for nearly $2.1 million, according to a listing team with Cushman & Wakefield.
Brokers say the property, 434 Main St., consists of a 5,036-square-foot structure on a 0.46-acre corner parcel at the Van Doren Avenue intersection. That includes the ground-floor retail area and office space above, all of it vacant at closing, providing flexibility for future occupancy or repositioning.
Cushman’s Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri represented both the seller, 434 Realty Management LLC, and the buyer, Aldrich US Holdings Inc., in the $2.07 million sale.
“Vacant properties in downtown Chatham rarely come to market, particularly those with dedicated parking and prominent Main Street frontage,” Sobel said. “The level of interest we received reflects the ongoing demand from users seeking high-quality locations in some of New Jersey’s most established suburban business districts.”
According to a news release, the property benefits from some 133 feet of frontage along Route 124, one of the region’s primary commercial corridors connecting Summit, Chatham, Madison and Morristown. It also includes 20 on-site parking spaces, a feature that is increasingly difficult to find in established downtown locations, while the site is surrounded by a mix of retail, restaurant, office and service-oriented uses and an affluent residential base.
Additionally, prospective users have convenient access to NJ Transit rail service, major regional roadways and several of northern New Jersey’s leading employment and health care centers.
