EAST BRUNSWICK, NJ—A $10 million, eight-property mixed-use portfolio situated here and in Highland Park has been acquired by a local business owner in a deal orchestrated by Kislak Co.
Jeffrey Wiener and Barry Waisbrod represented the purchaser. Jason Pucci provided transaction management and support.
“Kislak was engaged on an exclusive basis by the long-time owners to market and sell the portfolio,” said Wiener. “We generated a great deal of interest among investors. given the properties' excellent locations in downtown Highland Park and on the heavily-trafficked Route 18 retail corridor in East Brunswick, and the portfolio's strong occupancy at or near 100%.”
The properties are known as the Raritan Portfolio and consist of a 13,240 square foot retail center at 210 State Route 18 in East Brunswick and these properties in Highland Park:
- a 24,000 square foot retail and office building at 75 Raritan Ave.
- a 17,000 square foot medical office building at 85 Raritan Ave.
- a 23,313 assemblage of four contiguous buildings with retail space and three apartments at the corner of Raritan Avenue and North 4th Ave., and
- a 2,400 square foot office building at 1018 Raritan Ave.
Forty-six tenants occupy the properties in the portfolio.
The portfolio is situated within central New Jersey's Middlesex County, which saw 8% population growth from 200-2010, surpassing Essex County to become the second-most populous county. In 2009, the Bureau of Economic Analysis ranked the county as having the 143rd-highest per capita income of all 3,113 counties in the United States (and the 10th-highest in New Jersey).
“The purchaser is a local business owner and investor with an appreciation for the strong local markets,” said Waisbrod. “Highland Park has a vibrant downtown, which is only minutes from Rutgers University. The East Brunswick property is ideally located on Route 18 immediately before an entrance to the New Jersey Turnpike.”
“Our engagement spanned several years primarily because of an environmental remediation that was required at one of the properties,” said Pucci. “In fact, our exclusive listing agreement was renewed nine times. All parties worked tirelessly throughout the transaction to ensure a successful closing.”
At the time of closing, the portfolio was 96% occupied.
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