In the largest of the office building sales, the 24,000-sf asset at 80 Pompton Ave. in Verona has traded for $2.7 million, or about $113 per sf. Kislak VP Joni Sweetwood repped both buyer JG Pompton LLC and seller 80 Pompton Ave. LLC. The four-story building, near Route 23 and I-280, is primarily leased to professional services firms.
"This is the buyer's second office building acquisition recently," Sweetwood tells GlobeSt.com. "The new owner is planning some extensive interior improvements to the common areas. The building has 2,000 sf that's available for lease."
And the 13,314-sf office complex at 655 Amboy Ave. in Woodbridge has been sold for just less than $2.5 million, or about $186 per sf. Kislak sales associate Don Baxter repped both buyer and seller, private investors who were not identified. Financing came from Valley National Bank.
"The buyer, a first-time Kislak client, was looking for a high-quality building in a great location," says Baxter, in a prepared statement. "The property's 22 offices are fully occupied and centrally located on Amboy Ave. and Route 35…which makes this sale a perfect investment for them."
Finally, Catherine Gardens, a three-story, 41-unit apartment complex at 278 Main St. in Little Ferry, has been sold for an undisclosed price. Kislak VP Rosanne Maccarone, repped the seller in the all-cash deal, and sales associate Robert Squires repped the buyer. Neither buyer nor seller was identified.
"The buyer based his decision on the immaculate condition of the property, a stable professional neighborhood and the location of the property," says Squires in a statement. "The buyer realizes there will be appreciable gains in his investment."
Maccarone had sold the building to the now-former owner on behalf of the original builder, and had the exclusive for the latest sale. The property was marketed as a leveraged, low-risk investment.
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