NAI James E. Hanson said Tuesday it sold a half-acre lot that was the former site of a Wells Fargo bank branch in South Orange.
Located at 8 Second St., the property is situated in South Orange’s Central Business District directly across from the South Orange New Jersey Transit Station with one-seat service to New York City. The new owner plans on transforming the 26,000-square-foot lot into a mixed-use building featuring ground-level retail with a residential component above.
NAI James E. Hanson’s Joan Cenicola and John Schilp represented the seller, Wells Fargo, in the transaction with 8 Second Street LLC.
“In recent years, South Orange has emerged as one of New Jersey’s top downtowns,” said Cenicola. “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.”