Both sides were represented in the transaction by brokers from the Woodbridge-based Kislak Co. Sales associate Joseph Keenan spoke for the seller, and vice president Jonathan Greenberg represented the buyer.
"It was a very difficult transaction with multiple moving parts," says Keenan, noting that the property had previously been listed with another broker for six months and went under contract twice before the final deal. "It took many sit-down meetings with both sides to orchestrate just the right framework to close this transaction. Without solid banking relationships, the deal may have never closed."
Part of the financing came through the Livingston-based Regal Bank, a new local lender. "Although the property had some vacancies, the bank saw the value, strength and experience the new owner would bring to the property."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
