432 Route 22 West in Whitehouse — Courtesy: Remco Realty Group
By Joshua Burd
An investor has acquired a net leased bank building in Hunterdon County, under a nearly $1.8 million transaction arranged by Remco Realty Group.
The brokerage said it represented the buyer of the 3,600-square-foot building, which is leased to PNC Bank and sits at 432 Route 22 West in the Whitehouse section of Readington. The property changed hands as part of a 1031 exchange.
Remco President Peter Gallicchio handled the assignment on behalf of his Somerset-based firm, touting the building as an ideal investment opportunity. The bank is under a long-term lease with multiple renewal options and annual rental increases.
Built in 2007, building sits on one acre at the corner of Route 22 West and Ramsey Road. The property sold for $1.765 million.
