“The Montvale seller is a longtime client and wanted to exchange it into a larger multi-tenanted property,” says Waisbrod. “We were successful in helping to close both transactions for him.”
“The fully-renovated property had a single tenant with a long-term NNN lease that included regular increases,” says Bortz. “The property condition, tenant's financial strength and ease of management were all reasons our client purchased the property. He owns other single tenant office properties in the tristate area and this was a good fit for his portfolio.”

“Once we made the Montvale deal, we worked very hard to identify the right exchange property for our client,” says Waisbrod. “We ultimately identified Island View Crossing, a strong and stable off-market opportunity with upside potential in an excellent Bucks County location. The seller had purchased it from a bank two years ago and stabilized it.”

Island View Crossing is a large three-story building situated near the Delaware River. Tenants include Lenox Corporation, Staples, and Strategic Distribution. The property, previously owned by Red River Asset Management, was redeveloped from an industrial building to a class A office in 2004. At the time of closing, the property was approximately 93-percent occupied.

MONTVALE, NJ AND BRISTOL, PA—A Section 1031 like-kind exchange crossed the Delaware River recently, as The Kislak Company brokered a property swap for a longtime client.

The Coining Building, a single-story 60,000 square foot class A office building and high-tech manufacturing facility located at 15 Mercedes Drive in Montvale, Bergen County, NJ, sold for $12.5 million. Island View Crossing, a 180,000 square foot class A office building at 1414 Radcliffe Street in Bristol, Bucks County, PA, traded for $20 million in the deal.

“We are helping more and more investors acquire office properties,” says Robert Holland, Kislak president. “Leasing activity has been strengthening and vacancies have been decreasing, and investors are taking advantage of opportunities to add stable and well-performing office properties to their portfolios. Initial returns and upside potential with these properties are often greater than those with multifamily or industrial properties of similar quality in similar locations.”

The Coining Building is fully leased to Coining, the world's largest solder preform manufacturer, owned by AMETEK. Kislak marketed the property on an exclusive basis. Senior vice president Barry Waisbrod represented the seller, identified as Hudson Equities by Real Capital Analytics, a proprietary research database, and vice president Janet Bortz represented the purchaser, identified by Real Capital Analytics as Michael Axelrod, a local investor.

“The Montvale seller is a longtime client and wanted to exchange it into a larger multi-tenanted property,” says Waisbrod. “We were successful in helping to close both transactions for him.”
“The fully-renovated property had a single tenant with a long-term NNN lease that included regular increases,” says Bortz. “The property condition, tenant's financial strength and ease of management were all reasons our client purchased the property. He owns other single tenant office properties in the tristate area and this was a good fit for his portfolio.”

“Once we made the Montvale deal, we worked very hard to identify the right exchange property for our client,” says Waisbrod. “We ultimately identified Island View Crossing, a strong and stable off-market opportunity with upside potential in an excellent Bucks County location. The seller had purchased it from a bank two years ago and stabilized it.”

Island View Crossing is a large three-story building situated near the Delaware River. Tenants include Lenox Corporation, Staples, and Strategic Distribution. The property, previously owned by Red River Asset Management, was redeveloped from an industrial building to a class A office in 2004. At the time of closing, the property was approximately 93-percent occupied.