UNION COUNTY, NJ-The Kislak Co. Inc. has completed two transactions here totaling $1.5 million, including a 14-unit multifamily property in Linden that sold for $1 million and a bank-owned mixed-use retail and multifamily property in Hillside that sold for $460,000. Vice president Jeffrey Squires represented both parties in the separate transactions.
“Kislak is experiencing increased demand for multifamily properties throughout New Jersey and we are also representing more new investors in search of small to mid-sized properties,” says Robert Holland, senior vice president and co-managing director at Kislak. “With interest rates still very low and occupancy rates high, properties such as these are in demand.”
The Linden property is a garden apartment with separate entrances and parking situated across from the Linden train station, which provides easy access to New York City. “Kislak had an exclusive listing to sell the property,” Squires tells GlobeSt.com. “It had tremendous upside potential, which the purchaser appreciated, given the neighborhood, full occupancy and under-market rents. The purchaser will do very well with the property long-term, especially his given plans to renovate the apartments.”
The property sold at relatively low 6.3% cap rate, which shows the strength of the local market. Sixty-percent financing was provided by the Polish and Slavic Federal Credit Union. The seller was represented by Nelson C. Monteiro Esq. of Elizabeth and the purchaser was represented by John J. Becz,Esq. of Rutherford.
The Hillside transaction was a bank foreclosure sale of a downtown mixed-use 10,000-square-foot property that includes six retail spaces and four apartments. “Kislak also had an exclusive to sell this property and we quickly secured an all-cash purchaser in only a few weeks,” relates Squires. “We represented a large bank and marketed the property at an aggressive price given its 50% occupancy. This appealed to investors in search of distressed properties that offer value-added opportunities. An existing client purchased the property and this transaction marked his second with Kislak in as many years.”
The $460,000 sale price is below other comparable non-distressed properties in Hillside. The purchaser, who plans to renovate the property and fill the vacancies, was represented by Irving Tobin Esq. of Hillside.
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.
