WOODBRIDGE, NJ — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the $4,785,000 sale of three investment properties in northern New Jersey. The transactions include the $3,100,000 sale of Hastings Square, a 28,000 square foot retail and office complex in Long Valley; the $975,000 sale of a 6,700 square foot office building in downtown Short Hills; and the $710,000 sale of a seven-unit multifamily property in Garfield.
In the Long Valley sale, senior vice president Joni Sweetwood represented the seller and sales associate Julie Gralla represented the purchaser. Gralla also represented the seller in the Short Hills sale and both parties in the Garfield sale.
“Julie is our newest salesperson,” said Robert Holland, president and co-managing director. “In less than a year, she has proven to be a very determined, focused, and results-oriented salesperson. Our clients are very pleased with her efforts and work ethic and these sales are a testament to her hard work. Julie has a promising career ahead of her.”
Hastings Square is located amid a planned unit development in suburban Morris County and includes 24,000 square feet of retail space and 4,000 square feet of office space. Kislak obtained an exclusive listing from the seller and generated strong interest among investors. “The property was nearly fully occupied with only one retail vacancy and one office vacancy,” said Gralla. ‘The purchasers were attracted not only to the location, but also to the property’s potential. The purchasers are working closely with an architect to renovate and reposition the property. I have great faith in the future of Hastings Square.”
The transaction was all-cash. The seller was represented by Ned Cohen, Esq. of Cohn, Bracaglia & Gropper, PC of Somerville, New Jersey and the purchaser was represented by Jonathan Mehl, Esq. of Rutherford, New Jersey.
The Short Hills building was a former bank branch and office that was vacant for more than four years. Kislak obtained an exclusive listing from the seller and almost immediately began receiving offers from interested clients and prospects. The property is located in an A+ location in downtown Short Hills, between Route 24 and downtown Millburn. It had great potential for users and investors. It is also located on the border of a proposed redevelopment zone in the Short Hills section of Millburn Avenue. “The purchasers intend to occupy and use the building, and were attracted to its location near the commercial heart of Short Hills,” said Gralla.
The transaction was all-cash. The seller was represented by Howard S. Roitman, Esq. of Eiseman Levine Lehrhaupt & Kakoyiannis, P.C. of New York, New York and the purchaser was represented by Roberta Weisinger, Esq. of Fort Lee, New Jersey.
The Garfield property is a three story all brick building with seven units including one and two bedroom units. “The $100,000-plus per-unit price demonstrates the strength of the market for multifamily properties,” added Gralla.
The purchaser obtained financing from Columbia Bank. The seller was represented by Stuart D. Minion, Esq. of Minion & Sherman of West Caldwell, New Jersey and the purchaser had self-representation.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company serving the multifamily and retail markets. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 106th year, Kislak was among a select group of firms recognized as a 2010 Power Broker by CoStar Group, Inc. for multifamily sales transactions.