Kislak sells iconic South Orange mixed-use property for $11.6M

The Kislak Co. Inc. on Thursday said it sold South Orange Square, a 31,000-square-foot mixed-use office and retail property in Essex County, for $11,600,000.

Kislak marketed the property on an exclusive basis with Executive Vice President Joni Sweetwood handling the assignment on behalf of a longtime client. Sweetwood also procured the purchaser, another longtime and multi-generational client, only a few weeks after initially marketing the property.

Located at 67-81 S. Orange Ave. and 3-11 Scotland Road, South Orange Square is an iconic property that sits at the corner of the most visible and heavily-trafficked corner in South Orange. It is only a short walk to the nearby train station, which provides midtown direct service to and from New York City.

The transit-oriented property includes 21,000 square feet of retail space, 9,000 square feet of second-story office space and 1,000 square feet of storage rooms, all with high occupancy histories.

Tenants include Verizon, Investors Bank and the South Orange Pharmacy. At the time of closing, the property was 98 percent leased.

Many major interior and exterior capital improvements were completed five years ago. The property offers access via front, side and rear entrances, and parking in three adjacent municipal lots.

Abe Schonfeld of Meridian Capital Group arranged financing with Spencer Savings Bank. Sweetwood also recently sold the same purchaser another nearby South Orange property, which Schonfeld also financed with Spencer.