WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent $11,250,000 sale of Colonial Square Mall, a 62,666-square foot shopping center located at 293-305 Route 22 East in Green Brook, Somerset County, New Jersey.
Vice president Jeff Squires represented both parties in the off-market transaction.
“There is tremendous demand for well-located and stabilized income-producing shopping centers, especially a trophy retail property of this size,” said Squires. “We expeditiously procured a buyer to purchase the property and close quickly on an all-cash basis. All cash offers with the promise of a quick closing are becoming more prevalent, especially in today’s highly competitive environment.”
Family-built in 1980 and under the same ownership since, Colonial Square Mall is a predominant local neighborhood destination. The well-maintained property is located with a generous 350 feet of frontage along U.S. Route 22, Green Brook’s primary commercial thoroughfare, surrounded by retailers and restaurants. Situated on over 7 acres, the shopping center includes parking for 312 cars. The New Jersey Department of Transportation reports the annual average daily traffic count near the property includes approximately 44,500 cars.
Tenants at Colonial Square Mall include national and local retailers such as Harmon, Perkins Restaurant & Bakery, H&R Block, OneMain Financial and Arthur Murray Dance Center. In addition to the 62,666 square feet of retail space, the property includes an additional 61,848 square feet of basement office and warehouse space.
At the time of closing, the property was fully occupied.
“The demand for well-located and well-performing retail properties in northern New Jersey is very strong, especially for a property such as this that had never been available” said Robert Holland, president. “Jeff did an excellent job executing this transaction. The ownership had received several unsolicited offers leading up to the sale, but Jeff clearly procured the best and strongest buyer and guided the transaction to a quick closing. He is a consummate professional.”
Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year award and was subsequently promoted to vice president in 2009, becoming one of the youngest salespeople in Kislak’s then 104-year history to earn the distinction. He was also the recipient of the company’s 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 Producer of the Year award.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage consistently recognized for its investment sales success. Established in 1906, Kislak’s market leadership position and longevity are due to its ability to offer clients a personalized, hands-on approach, coupled with the unrivaled expertise of its long-tenured team of professionals. Kislak’s prestigious client base includes individual investors and owners, partnerships, financial institutions, and REITs. The firm’s 30 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 110th year, Kislak was among a select group of firms recognized as a 2015 Power Broker by CoStar Group, Inc. and this was the firm’s tenth consecutive recognition.