WOODBRIDGE, NJ-Locally based Kislak Co., Inc. has inked four transactions totaling nearly $4.2 million. Vice president Matt Weilheimer was instrumental in closing the transactions on behalf of several large banks and private investors.
The sales include Vincent Apartments, a 17-unit apartment property with one commercial space in Haddon Heights, NJ, which traded hands for nearly $1.463 million; a 10,000-square-foot former PNC Bank branch in Brick, NJ; Roselle Lanes, a 20,000-square-foot mixed-use commercial property in Roselle, NJ; and the mortgage and note on a 74-unit apartment property in Erie County, NY.
“There was real pride of ownership with Vincent Apartments property,” Weilheimer tells GlobeSt.com. “It was extremely well-maintained and the seller was very good to the tenants. Recent upgrades at the 100% leased apartment included newer kitchens, bathrooms and an electrical system. “Given the condition of the property, there was strong interest among investors,” he says, adding that the firm's clients "want to invest in multifamily assets." The private purchaser obtained a first mortgage from Spencer Savings Bank.
The former PNC Bank branch, which sold for $900,000, includes over 6,900 square feet of usable space with three drive-through lanes on more than two acres. “With interest rates at historically low levels, many tenants are opting to purchase their own buildings instead of renting," says Wilheimer. "That is what occurred here, as a local purchaser consolidated his business into this office site.”
Bowling alley Roselle Lanes was a bank-owned property, which sold for $500,000; closing only five days after finding the purchaser, a private investor. The Kislak team of Matt Weilheimer and sales associate Ted Brown represented the seller, and sales associate Scott Davidovic represented the investor in the all-cash transaction. Wilheimer tells GlobeSt.com that “since the property was bank owned, it was offered unencumbered by any leases." He adds that the asset also has strong redevelopment potential.”
Weilheimer also represented a global financial institution in the $1.32-million sale of the first mortgage and note on a 74-unit apartment property in Erie County, NY. “This was another relationship-based transaction,” says Weilheimer. “We have a long-term relationship with the selling bank and were given the opportunity to market and sell the note on its behalf. The purchaser was also a longtime Kislak client." He adds that the firm has been handling more transactions--both REO property sales and note sales--on behalf of banks. “Many of our clients are in search of bank-owned opportunities. While there is not a flood of these assets in our markets, opportunities are available.”
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