24 Perry St. and 15 Seminary Ave. in Chester — Courtesy: NAI James E. Hanson
By Joshua Burd
An investor has purchased a combined 11,900 square feet of residential and commercial space in the Morris County borough of Chester, brokers with NAI James E. Hanson announced.
According to the agents, the portfolio includes a two-story, 3,900-square-foot building at 24 Perry St. with a two-bedroom apartment with two roof terraces, a two-car garage and a four-bay auto repair shop leased to Chester Auto Repair. A second property, 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.
NAI Hanson’s John Schilp and Jonathan Kristofich represented both the buyer, K&R Perry LLC, and the seller in the transaction, citing the buildings’ proximity to the Route 206 intersection. They added that the buyer, which was seeking an investment property to meet a Section 1031 exchange requirement, took interest in the properties’ downtown location and in-place long-term leases.
Terms were not disclosed.
“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.”
