8 Second St. in South Orange — Courtesy: NAI James E. Hanson
By Joshua Burd
A developer has acquired the former site of a bank branch in South Orange, brokers with NAI James E. Hanson said, citing plans for a new building with retail and residential space.
NAI Hanson represented the seller, Wells Fargo, in the transaction at 8 Second St. in the township’s downtown, according to a news release Tuesday. An entity listed as 8 Second Street LLC acquired the 0.52-acre lot, which sits directly across from the South Orange train station and is now primed for the new mixed-use development.
Terms were not disclosed.
“In recent years, South Orange has emerged as one of New Jersey’s top downtowns,” said NAI Hanson’s Joan Cenicola, who completed the transaction. “This property’s ideal location and proximity to the South Orange NJ Transit Station made it a prime investment opportunity in a vibrant neighborhood. Leveraging our deep local market knowledge, we were able to recognize the market forces at play around 8 Second Street to determine the best usage for the site to ensure our client received fair market value in the current market.”
Plans call for ground-level retail with a residential component above, NAI Hanson said.