Kislak brokers record-making mixed-use sale in Chatham

A 5,000-square-foot mixed-use property in Morris County recently changed hands, setting a record price per square foot for the area in the process.

Kislak Commercial Real Estate Service Inc. announced the sale of 434 Main St. in Chatham for $2.35 million Dec. 7.

That $470-per-square-foot price tag is the highest paid for a commercial property in the township since 2021, Kislak said, and among the steepest ever for the 2.35-square-mile municipality, according to CoStar data.

Vice President Stephen Gianis marketed the property on an exclusive basis on behalf of the unnamed seller in addition to procuring the buyer, 4343 Realty Management LLC – both longtime clients of the firm.

“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,” Gianis said in a statement. “The purchaser intends to improve and complete the lease up of the property.”

Gianis also previously served as leasing agent for the site, securing several office tenants.

Built in 1960, the two-story, brick building offers a mix of office and retail space situated on nearly half an acre with 20 parking spots.

With 62 feet of frontage on Main Street/Route 124, the building sits at the signalized intersection of that heavily trafficked roadway and Lafayette Avenue and Van Doren Avenue.

Serving as a recognizable bank branch location for nearly 50 years – with a drive-thru window – Kislak said that the first floor of the property is currently leased to Wells Fargo through mid-2023, but that that company recently closed the branch. The second floor offers professional offices.