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.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
