NJBIZ

Kislak Co. completes $22.5M two-property exchange in NJ and Florida

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.

Jason Pucci, chief operating officer, The Kislak Co. — Pucci

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.”

Kislak completes $9M in multifamily sales

The Kislak Co. Inc. on Aug. 4 announced the recent sale of three multifamily properties that total $9,025,000.

The properties include East Park Apartments at 1045-1047 E. Park Ave. in Cumberland County’s Vineland, with 41 units; the Farrell Place Manufactured Home Community at 1205 Farrell Ave. in Cherry Hill in Camden County, with 30 mobile home park lots; and 17 Lenox Ave. in Essex County’s East Orange, with 17 units.

Kislak marketed the properties on an exclusive basis with Executive Vice President Joni Sweetwood handling the assignments, and procuring the purchasers–all private investors.

East Park Apartments at 1045-1047 E. Park Ave. in Vineland. – KISLAK

East Park Apartments is a three-story brick complex with 41 large units and a house. It sold for $3,950,000 to a repeat client who recently purchased 152 nearby apartments from Kislak and Sweetwood and will benefit from significant upside in the rents. Financing was provided by Kearny Bank.

The Farrell Place Manufactured Home Community in Cherry Hill sold for $2,475,000. The property is bordered on two sides by Cooper River Park and includes a stable tenancy with some long-term tenants in residence for more than 40 years. Tenants pay for all of the maintenance of their lots, thereby requiring no management or maintenance by the owner.

Executive Vice President Joni Sweetwood, The Kislak Co. Inc. - THE KISLAK CO. INC. — Sweetwood

“Mobile home parks can have superior returns to apartments without certain management headaches as there are no buildings to maintain,” Sweetwood commented. “The purchaser acquired an attractive investment in an upscale area near the Cherry Hill Marketplace and all major highways.” Financing was provided by Investors Bank.

The East Orange property sold for $2,600,000 and was described by Sweetwood as “a value-add deal due to below market rents.” The five-story brick building boasts many recent renovations, including a rebuild of an entire staircase and full upgrade to the common area–inclusive of marble and plank flooring, new walls and ceilings, windows and lighting. Throughout the property and units numerous windows and doors were replaced. Financing was provided by New York Community Bank.

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