On Nov. 24, Woodbridge-based commercial real estate brokerage The Kislak Co. Inc. announced the sale of a trio of Central Jersey properties for $8.48 million. The deals include 36 residential units and more than 15,000 square feet of commercial space.
In separate transactions, Rose Gardens in Long Branch sold for $4.2 million; a Matawan shopping center for $3.3 million; and in Point Pleasant, a mixed-used property brought in $980,000, Kislak said.
At 336 Third Ave. in Long Branch, garden complex Rose Gardens is made up of two studio, and 30 one-bedroom apartments, located within walking distance of New Jersey Transit’s Long Branch Station and the Monmouth Medical Center. Kislak said the development was built in 1955, with recent renovations including a new boiler, hot water tank and roof.
In Matawan, the shopping center features about 13,000 square feet of retail space, Kislak said, with a mix of national and local tenants. Senior Vice President Daniel Lanni represented all parties in the off market transaction, which completed a 1031 like-kind exchange for the acquirer.
The Class B, mixed-use property in Point Pleasant at 2700 Bridge Ave. features street-level retail and renovated residential units on the second floor, according to Kislak. The property was 100 percent occupied at the time of the sale.
“Monmouth and Ocean counties remain a strong market for all types of investment real estate,” Lanni said in a statement, adding: “We are consistently selling multifamily, retail and mixed use properties at the Jersey Shore for top dollar,” he added.
Lanni, who arranged all three sales, was elevated to senior vice president in 2019. He joined Kislak in 2010 and received the firm’s Rookie of the Year award in 2011.