June 30, 2022 – Steven Schiavello, Patrick Gray and Michael Lombardi of Horvath & Tremblay have successfully completed the sale of the Chase Bank Building in South Orange, New Jersey. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $3,700,000.
The Chase Bank Building is located at 18 South Orange Avenue in South Orange, New Jersey. The Chase Bank Office Building is a 100% occupied, mixed-use retail and office building of 10,000 square feet on a 0.09-acre parcel. Chase Bank is on the first floor and occupies 40% of the GLA, with Three Birds Yoga on the second floor, and Eventage Event Productions taking up the remainder of the second floor and the third floor. Chase has 2+ years remaining on their 20-year lease, with two, 5-year renewal options remaining and 10% rental increases at the beginning of each option period. Chase and Eventage Event Productions both have space in the basement (not included in GLA). Additionally, Chase recently invested in adding a second ATM to the location. The Chase Bank Office Building is in an excellent location in downtown South Orange, surrounded by a mix of national and local retailers, businesses, and attractions drawing consumers to the area. The Property is adjacent to a municipal parking lot and the quaint in-town Spiotta Park, a frequent center for Town and community events. The Property is situated down the street from the South Orange Train Station, with service to Penn Station in Midtown Manhattan. Additionally, construction is underway on the Vose & Taylor project, a 5-story, mixed-use redevelopment project that will bring 110 residential units and 10,000 square feet of second floor office space to downtown South Orange, directly across the street from the Property on South Orange Avenue.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.