V.P. Stephen Gianis Arranges Exclusive Sale for Record Price Per Square Foot
Woodbridge, N.J., December 7, 2022 – Kislak Commercial Real Estate Services, Inc. announced the recent sale of a 5,000-square-foot mixed-use retail and office property at 434 Main Street in Chatham, Morris County, New Jersey for $2,350,000.
Kislak marketed the property on an exclusive basis on behalf of the seller with vice president Stephen Gianis handling the assignment, and he also procured the purchaser, 434 Realty Management, LLC. Both parties are longtime clients. Mr. Gianis was previously the leasing agent for the property and procured several office tenants for it.
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 according to data available from CoStar.
Mr. Gianis commented, “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. The purchaser intends to improve and complete the lease up of the property.”
Constructed in 1960, the property is a 5,000-square-foot two-story brick mixed-use retail and office building with a pitched slate roof on 0.46 acre with 20 parking spaces. It sits at the signalized intersection of heavily trafficked Main Street/Route 124, Lafayette Avenue and Van Doren Avenue and includes 62 feet of frontage on Main Street/Route 124.
The first floor is leased to Wells Fargo until mid-2023 and includes a drive-through window but the bank recently closed the branch. The second floor includes occupied professional offices.
The property has been a locally recognizable bank branch location for more than 50 years. It is ideally located in the heart of Chatham cross from a CVS-anchored strip center and just west of a Kings Food Market. It is a half mile west of the Chatham Train Station, two miles west of the Mall at Short Hills and seven miles east of Morristown.
Stephen Gianis joined Kislak in 2016 and specializes in commercial sales and leasing in northern and central New Jersey. In 2017, Mr. Gianis received Kislak’s prestigious Rookie of the Year award, which recognizes a newer salesperson who records the greatest achievements during the year.
Kislak Commercial Real Estate Services, Inc. with offices in Basking Ridge, New Jersey is the commercial sales and leasing affiliate of The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, and is a leading commercial real estate brokerage consistently recognized for its investment sales success.
Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware and Florida.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition. For the second consecutive year, Kislak was named by NJBIZ as one of its Leaders in Real Estate, Construction and Design in New Jersey.