NAI Hanson Completes 21,559-Square-Foot Sales Transaction at 407-425 Main St. In Chester, NJ

PARSIPPANY, N.J, AUGUST 12, 2010 - NAI James E. Hanson, a leading New Jersey-based commercial real estate firm, is pleased to announce the completion of a 21,559-square-foot, four-building sales transaction at 407-425 Main St. in Chester, N.J. This deal includes a 13,500-square-foot office building at 425 Main St., a 2,500-square-foot office building at 423 Main St., a 3,500-square-foot office building at 409 Main St. and a 2,059-square-foot office building at 407 Main St. NAI James E. Hanson senior vice president John Schilp represented both the seller, Skylands Community Bank, and the buyer, DeSapio Properties.

"The Northern New Jersey office market has seen an increase in activity lately, as prospective buyers are identifying affordable deals and capitalizing on them," said Schilp. "In these times, when distressed properties can languish on the market, this was a win-win situation with a well-qualified buyer."

DeSapio Properties, a privately owned design/build developer that works on new construction, renovation and property management, purchased the buildings as investment properties. As part of the deal, DeSapio has leased the 13,500 sq. ft. building at 425 Main St. to Skyland Community Bank for use as its Headquarters. Relocating from Hackettstown, Skyland Community Bank was attracted to the building's first class amenities, which include a large conference room, a kitchen, an elevator and proximity to the town's post office, located across the street. The building's distinctive limestone construction and courtyard elevations impart an upscale image, as well.

"The 425 Main Street property saw a transition over the past couple of years," added Schilp. "The first company to occupy the space was Adams Pharmaceuticals the maker of Mucinex. Soon after, Adams left to take a larger space, which left the property vacant, and it ultimately fell into the hands of Skylands Community Bank who was ultimately able to sell the asset and lease back part of the space.

Chester is one of Western Morris County's most desirable places to live and work, and these buildings are known as "Colonial Court", one Chester's finest office parks. The Class A complex stands out for its quality of construction, interior finishes and ample parking and consists of two historic buildings that underwent renovation, as well as two newer buildings to match the colonial mansion style. The buildings sit on a three-acre, beautifully landscaped campus and offer proximity to popular in-town eateries, antique shopping, parks and recreation. The complex is located immediately off Route 24 and within close proximity to Route 206 and Interstates 78, 80 and 287.

About NAI James E. Hanson

Since 1955, NAI James E. Hanson has been a leading independent full-service brokerage commercial real estate and property management firm serving a diverse client list. NAI Hanson offers its clients strategic solutions and provides comprehensive value-added services such as office, industrial and retail brokerage, investment sales, land sales, management, government services and financing expertise.

NAI Hanson is also one of the original members of NAI Global, an international commercial real estate network with over 325 offices spanning the globe. For more information on NAI James E. Hanson, contact William C. Hanson, SIOR, at the company's Hackensack office at 201-488-5800 or visit http://www.naihanson.com/.

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