WOODBRIDGE, N.J. – The Kislak Company Inc. announced the recent sale of a Family Dollar-anchored shopping center located at 1347 Kennedy Boulevard in Bayonne, Hudson County, New Jersey for $9,640,000.
Vice president Robert Squires represented both parties in the transaction.
“Hudson County is among the strongest submarkets in New Jersey for investment properties” said Robert Holland, president. “There is great demand among investors for well-located and well-performing properties. Rob did an outstanding job bringing this property to market and selling it.”
The property includes a 53,000 square foot single-story shopping center with 14 stores and on-site parking on 3.4 acres. It is located at the corner of John F. Kennedy Boulevard and West 63rd Street, close to the Jersey City border. In addition to Family Dollar, tenants include the New Jersey Motor Vehicle Commission (DMV) and other national tenants such as Pizza Hut, Rent-A-Center, and Enterprise Rent-A-Car. The center has been owned by the same family since 1987 and has historically been 100% occupied. The property sold for $182 per square-foot and a 6.1% cap rate based on the in-place net operating income.
“Properties such as this rarely become available,” said Squires. “This center has been in the same family since the 1980s and has proven to be a well-performing asset.” “Once we were engaged on an exclusive basis to market and sell the property, we immediately contacted our retail investors who showed tremendous interest in acquiring the property. After receiving eight offers, the seller chose to proceed with MJ Property Group, a very well-qualified purchaser that has been active purchasing value-add retail deals. This was a perfect fit for them, the transaction closed smoothly and I look forward to working with both parties in the future.”
At the time of closing, the property was 100% occupied. The seller was represented by Scott Herzog, Esq. of Fort Lee, New Jersey and the purchaser was represented by Adam Bayroff, Esq. of Jericho, New York.
Robert Squires joined Kislak in 2003 and specializes in the sale of investment properties throughout northern New Jersey. He was recognized as Kislak’s 2005 Rookie of the Year and was promoted to a vice president in 2008. In 2016, he received the firm’s Sima Kislak Jelin Salesperson of the Year award in 2016.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm 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 111th 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.