WOODBRIDGE, N.J. – The Kislak Company, Inc. reported strong investment sales and commercial sales and leasing activity through the first half of 2017 closing 107 transactions in New Jersey, New York, Pennsylvania and Ohio.
Kislak’s total transaction volume exceeded half a billion dollars and included the sale of 2,500 residential units and 1,000,000 square feet of office, retail and industrial properties and the leasing of 122,000 square feet of office and retail space.
“The first six months of the year were very strong for Kislak with a record number of closings, more than one every other day,” said Robert Holland, president. “The multifamily market remains very strong throughout the U.S. with demand far exceeding supply. I expect this trend to continue as multifamily remains the preferred asset class nationwide. And we are experiencing strong growth in the New Jersey commercial markets with increased demand from investors and users.”
“We are experiencing unprecedented growth in our core Northeast and Mid-Atlantic markets for the fourth consecutive year,” said Jason Pucci, chief operating officer. “On a year-over-year basis, our closed transaction count is up 65% and our sales volume has nearly doubled despite low inventory in certain submarkets and interest rate fluctuations, which impact all of our sales. Our team is doing an outstanding job.”
Peter Wisniewski, executive vice president of Kislak’s commercial team, noted, “Leasing and sale activity of warehouses and commercial properties has gotten very strong. In fact, we are seeing more build-to-suit leases and land acquisitions by users for development with little available, modern product in the market right now.”
Notable investment sales transactions completed in the first half of 2017 include the:
· $82,000,000 sale of a 700-unit multifamily property in eastern PA;
· $54,000,000 sale of a 502,0000 square foot office portfolio in Cleveland, OH;
· $45,500,000 sale of a 410-unit multifamily portfolio in Passaic County, N.J.
· $41,250,000 sale of a 230-unit multifamily property in Northampton County, PA;
· $20,000,000 sale of a 180,000 square foot office building in Bristol, PA;
· $19,500,000 sale of a 180-unit multifamily property in Bucks County, PA
· $18,000,000 sale of a 120-unit portfolio in East Orange, N.J.
· $17,200,000 sale of a 144-unit multifamily property in Lancaster, PA
· $13,700,000 sale of a 124-unit multifamily property in Victory Gardens, N.J.;
· $12,500,000 sale of a 195-unit multifamily property in Pennsville, N.J.;
· $8,850,000 sale of a 46-unit multifamily property in Cranford, N.J.; and the
· $8,500,000 sale of a 53-unit multifamily property on Staten Island, N.Y.
Notable commercial leasing and sale transactions completed in the first half of 2017 include the:
· $3,700,000 sale of a 44,000 square foot warehouse in Branchburg, N.J.;
· $3,200,000 sale of an office building in Wayne, N.J.;
· $2,940,000 lease of an office space in the Newport section of Jersey City, N.J.;
· $2,500,000 lease of a warehouse/flex building in Warren, N.J.
· $1,300,000 sale of a former school in downtown Jersey City, N.J.
· $827,000 sale of a commercial building in Whippany, N.J.;
· $740,000 sale of a warehouse in North Bergen, N.J.; and the
· $770,000 sale of industrial land in Linden, N.J.
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 Northeast and Mid-Atlantic U.S.
Now in its 111th year, Kislak was among a select group of firms recognized as a 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.