Chester Borough, N.J. (April 12, 2023) – NAI James E. Hanson, the largest New Jersey-based full-service independent commercial real estate firm, announces that it has negotiated the sale of a combined 11,900 square feet of mixed-use space at 24 Perry Street and 15 Seminary Avenue in Chester Borough, N.J. NAI James E. Hanson’s John Schilp and Jonathan Kristofich represented both the buyer, K&R Perry, LLC, and the seller in the transaction.
24 Perry Street and 15 Seminary Avenue are located in downtown Chester Borough nearby the intersection of Route 206 and Main Street. The buildings’ proximity to bustling Main Street provides premier accessibility to a wide variety of boutique shopping and high-end restaurants. 24 Perry Street is a two-story, 3,900-square-foot building that contains a spacious two bedroom, one-and-a-half bathroom apartment with two roof terraces, a two-car garage and a four-bay auto repair shop leased to Chester Auto Repair. 15 Seminary Avenues is an 8,000 SF, two-story building leased to the Art of Dance, a dance studio offering classes on styles including ballet, jazz, tap and more.
In search of an investment property to meet a 1031 exchange requirement, the buyer took interest in the properties’ in-place long-term leases as well as its proximity to downtown Chester Borough.
“Even in a high interest rate environment, well-priced investment properties are still a sought-after commodity on the open market,” said Kristofich. “We are happy we could help the seller secure a premium value for their well-located assets while also ensuring that the buyer can meet their 1031 exchange needs with the acquisition of two stable long-term investment properties.”
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