NAI James E. Hanson announces it has negotiated the sale of a 0.52-acre lot located at 8 Second Street in South Orange, N.J. NAI James E. Hanson’s Joan Cenicola and John Schilp represented the seller, Wells Fargo, in the transaction with 8 Second Street, LLC.
Boasting a vibrant, up and coming downtown with a diverse array of shopping, dining, and cultural experiences, South Orange has become a highly attractive destination for real estate investment over the past several years. Formerly the site of a Wells Fargo bank branch, 8 Second Street’s prime location in South Orange’s Central Business District directly across from the South Orange NJ Transit Station with one seat service to New York City, made it an ideal choice for the village’s latest mixed-use development project. Tapping into the area’s strong demographics and ongoing demand for both retail and residential space, 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.
“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.”