The Kislak Co. Inc. announced the off-market transaction for the first new residential rental building to rise in the Bergen County municipality in 20 years.
NAI James E. Hanson negotiated the sale for the more than 10-acre property, which is zoned for outdoor commercial storage — a rarity in the area.
The Red Bank firm's latest grocery-anchored acquisition marks the fourth entrance to a new state it has made in 2022.
The apartments from Garden Communities offer commuter options, luxury living and loads of amenities in Bergen County.
“In the 12 years I have been selling investment real estate in Monmouth County, there has never been a better market," Senior Vice President Daniel Lanni commented. "Those who resisted selling in the past are now compelled given the incredible investor demand and continued cap rate compression.
Formerly zoned for retail, the vacant South Jersey property remained on the market due to oversaturation in the area. Thanks to the firm's work, luxury apartments are now slated for the site.
Over the past 10 years, Procida Funding has overseen more than $60 million worth of real estate projects in the city. On Wednesday, the firm joined with Mayor Andre Sayegh to reveal designs for a new proposal: Great Falls Lofts, a 127-apartment project that would be located at the former Miesch Manufacturing mill.
Through the deal, the Madison real estate company welcomes 1,300 independent sales agents across 37 offices.
Take a look at the newly renovated office space attracting tenants to Morris County.
Even though the site requires capital improvements, amid sector demand it sparked a bidding process that brought 10% over asking price, according to the firm.
Cushman & Wakefield arranged the sale of the four-building complex, while NAI DiLeo Bram & Co. represented the buyer.
The same NAI Mertz team that negotiated the sale of South Jersey's Velocity Business Park has now secured three new tenants for the five-building flex/industrial complex.