Led by vice president Robert Squires, Kislak handled the $2.25-million sale of Jefferson Gardens, a 16-unit apartment property on Chestnut Street in Wallington; the $1.47-million sale of a 24-unit apartment property on Grove Street in Passaic; the $1.21-million sale of a 12-unit apartment property on Pompton Avenue in Verona; and the $775,000-sale of the Woodruff Building, an 8,333-square-foot mixed-used building on Irving Street in Rahway. In each transaction Kislak was given an exclusive listing to sell each property and procured a purchaser.
Jefferson Gardens is a two-story brick garden apartment with 16 one-bedroom apartments, all of which have separate entrances and individual garages. Squires represented the seller and sales associate Scott Davidovic represented the purchaser, both of which are unnamed. Financing was provided, in part, by the seller, who was represented by Robert A. Kaye, Esq. of Chasan Leyner & Lamparello of Secaucus, NJ; the purchaser was repped by the law firm of Gillespie Gillespie & Jablonski of Kearny, NJ.
"At over $140,000 per unit, the sale of Jefferson Gardens represents one of the highest per unit prices paid in Bergen County," says Squires. "There continues to be a limited supply and strong demand in the area, which is evident in this sale," adds Davidovic.
The family-owned Passaic property consists of two three-story brick walk-up buildings with a total of 24 two-bedroom apartments. Squires represented both parties in the transaction, while financing was arranged by Michael Volpe of Pergolis Swartz Associates, Inc.
In Verona, the two-story brick garden apartment features four one-bedroom and eight studio units as well as on-site parking. Sales associate Ted Brown represented the seller, who provided financing, and Squires represented the purchaser. "Verona is an A-plus community where buildings like this rarely trade," says Brown. "There is a strong demand among investors for these types of properties in desirable areas, so Rob and I were able to quickly find a buyer."
The Woodruff Building consists of two retail units and one residential unit on the first floor and 11 office suites on the second floor. Brown represented the seller and Squires represented the purchaser, both Kislak clients. "Rob and I were able to put this deal together in one week and close it in less than two months," Brown tells GlobeSt.com, adding that the investor "was coming off of a 1031 exchange and needed to close within 60 days." Squires adds that the buyer was able to pay all cash.
"Kislak continues to close transactions, especially throughout New Jersey," Kislak president Jeffrey Wiener tells GlobeSt.com. "The investment real estate market remains strong and attractive to investors. We are also seeing more investors in search of smaller properties, given the lack of other reliable investment options. The purchasers of these properties understood their long-term value and will benefit from solid returns for years to come."
There is a misguided perception that deals are not getting done because of the national economic climate, relates Robert Holland, senior vice president and co-managing director at Kislak. "But our market remains strong and we are still dealing with many more buyers than sellers."
Continue Reading for Free
Register and gain access to:
- 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
© 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.
