The Kislak Co. said Oct. 6 that it recently completed a two-property 1031 exchange in New Jersey and Florida for a total of $22.575 million.
In the first transaction, Woodbridge-based Kislak arranged the off-market sale of a multifamily property in central New Jersey for $11 million, with Senior Vice President Justin Lupo and Chief Operating Officer Jason Pucci handling the assignment on behalf of both parties, longtime clients.
Lupo and Pucci subsequently represented the seller of the New Jersey multifamily property in its $11.575 million acquisition of a Wawa food market and gas station, which is under construction at 7878 N.W. 103rd St. in Hialeah Gardens, Miami-Dade County, Fla.
Terms of the New Jersey sale were not disclosed.
The Florida property includes a triple net ground lease with Wawa with an initial 20-year term, multiple renewal options and future rent increases. The property is just west of the Palmetto Expressway/State Road 826 near Miami.
“These sales were excellent opportunities for our clients,” said Pucci. “The seller of the New Jersey property exchanged a long-held older apartment complex into a well-located Wawa, which is a strong tenant, with zero landlord responsibilities. The purchaser of the New Jersey property added a value-add property to its growing portfolio of properties in the Northeast and Mid-Atlantic.”
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