WOODBRIDGE, NJ-The sale of a 20,000-square-foot shopping center at 251-257 North Broad St. in Elizabeth for $2.3 million could be a sign that retail investment is returning, says the Kislak Co., which represented both the buyer and seller. Kislak also completed the sale of a 10-unit multifamily property at 36 Jersey Street in East Rutherford for $950,000. The cap rate for both deals was about 7.5%.
“The North broad deal was on the market for quite some time. The owner held out for the deal they wanted and got it,” Jeffrey Squires, the Kislak VP who represented the buyer, tells GlobeSt.com. Robert Squires, also a VP, represented the purchaser. Both are private entities. “People are restoring confidence in retail.”
The building is located next to the Elizabeth train station and close to Routes 1 and 9, and is fully occupied with 10 retail tenants on two floors and the basement, Robert Squires adds. In addition, the seller provided the purchaser with a $500,000 purchase money mortgage. The $1,800,000 balance was all cash. The seller was represented by Alcides Andril, Esq. of Andril & Espinosa, LLC of Elizabeth and the purchaser was represented by Mark Shane, Esq. of Shane and White, LLC of Edison.
Recently renovated, the East Rutherford building consists of 10 apartments in western Bergen County, all occupied. Recent improvements included new windows, front doors and a boiler. Nearly all of the units had been renovated. “Bergen County is a very well-sought-after destination,” Jeffrey Squires says. “The buyer jumped at this.”
The seller received a $570,000 first mortgage from Spencer Savings Bank and the balance was all cash. The seller was represented by Christopher Leyden of Leyden & Leyden of Hackensack and the purchaser was represented by John Becz, Esq. of Rutherford.
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