434 Main St. in Chatham — Courtesy: Kislak Commercial Real Estate Services Inc.
By Joshua Burd
An office and retail property in Chatham has changed hands for $2.35 million — or $470 per square foot — in a newly announced deal by Kislak Commercial Real Estate Services Inc.
According to the firm, a buyer listed as 434 Realty Management LLC purchased the 5,000-square-foot mixed-use building at 434 Main St. Wells Fargo leases the first floor of the brick structure until mid-2023, but the bank recently closed the branch, while the second floor includes occupied professional offices.
Kislak Vice President Stephen Gianis, previously the leasing agent for the property, represented the seller and procured the buyer, noting that both are longtime clients of the firm. He added that the $470 price per square foot is the highest paid for a commercial property in Chatham since 2021 and among the highest ever paid there, citing data available from CoStar.
“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,” Gianis said. “The purchaser intends to improve and complete the lease up of the property.”
Built in 1960, the property sits on just under a half-acre with 20 parking spaces. It includes 62 feet of frontage on Main Street, which is also Route 124, and sits at a busy signalized intersection that also includes Lafayette Avenue and Van Doren Avenue.
Kislak added that the property has been a locally recognizable bank branch location for more than 50 years, sitting across from a CVS-anchored strip center and just west of a Kings Food Market. Meantime, it’s a half-mile west of the Chatham train station, two miles west of The Mall at Short Hills and seven miles east of Morristown.