The largest of the sales involves Station Plaza, a 27,200-sf retail strip along North Avenue in Dunellen, Middlesex County. The sale price of $6.8 million for the nine-store strip factors out to more than $248 per sf. The recently rehabbed property is anchored by Family Dollar and UPS Store.
"It's located near the New Jersey Transit train station in Dunellen," says Kislak VP Matt Weilheimer, who represented the buyer, a private investor. Kislak colleague Barry Waisbrod represented seller Valstir LLC.
In the second transaction, the newly renovated, 30-unit garden-style apartment complex at 2429 Route 10 in Morris Plains traded for $4.25 million. Kislak SVP Robert Holland and VP Robert Squires represented seller Parsippany Ridge LLC, while sales associate Joseph Keenan spoke for buyer Parsippany Village LLC.
"In a market overshadowed by poor residential sales, we were able to broker a price of more than $140,000 per unit," Keenan says. "That reinforces the continued strength of the North Jersey multifamily market.
Finally, a 14,000-sf, three-building professional office complex along Northfield Avenue in West Orange was sold for just less than $2.63 million, or about $188 per sf. Kislak VP Joni Sweetwood represented both the seller, Chrisdon LLC, and the buyer, described as a private investor.
"While the buildings have low vacancy rates, many of the leases were expiring," Sweetwood says. "In order to get bank financing, part of the negotiation process involved getting lease extensions. Lenders are now looking for well-occupied buildings with leases in place for several years."
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