425 Main St. in Chatham — Courtesy: Lee & Associates New Jersey
By Joshua Burd
An investor has paid $4.1 million to acquire a TD Bank ground lease in downtown Chatham, in one of several newly completed transactions by Lee & Associates New Jersey.
The firm identified Fifth Street Capital LLC as the buyer of the ground lease at 425 Main St., which also includes a branch location. Meantime, a local investor listed as RSM LLC purchased a nearby office building at 400 Main St., in a $1.4 million transaction.
Doug Gaffney and Mike Wills brokered the deals out of Lee & Associates’ Elmwood Park office. They also recently inked the $650,000 sale of a mixed-use professional building at 333 Fairview Ave. in Westwood, which was purchased by a growing law firm.
“The market for well-located, downtown assets continues to be active in select submarkets” said Gaffney, a senior vice president with the firm. “Properties with local amenities and access to rail transit will always maintain their value in northern New Jersey.”