Sales Associates Michael Salomon and Julie Gralla Arrange Newark, N.J. Sale
Woodbridge, N.J. – The Kislak Company, Inc. announced the recent $4,250,000 sale of the Ironbound Medical Center, a 37,500-square-foot medical office building located at 119-137 Clifford Street in the heart of the Ironbound section of Newark, New Jersey.
Kislak marketed the property on an exclusive basis. Sales associate Michael Salomon represented the seller, Ironbound Medical, LLC, and sales associate Julie Gralla represented the purchaser, FSG Mazel, LLC.
The fully-occupied professional medical building has strong tenants including Ironbound MRT Clinic, Lafayette Chiropractic Center, St. Justine Nursey and many others. The property includes on-site fenced parking for 40 cars.
“This transaction exemplifies the strength of the commercial real estate market in Newark, especially in the Ironbound section,” said Mr. Salomon.
The newly renovated building has undergone extensive capital improvements including a $1,000,000-plus gut renovation of the top and bottom floors, and half of the lobby. Approximately three miles from Newark Liberty International Airport, it is a prime location in the desirable Ironbound section of Newark. Newark Penn Station, about 1.6 miles away, is a hub for trains, buses, and light rail only a short ride to New York City and a monorail to the airport, among other destinations.
Ms. Gralla added, “There has been an unbelievable renaissance occurring in Newark and this sale is a testament to the ever-growing strength of the market. We are very excited to be a part of the continued improvement throughout this area.”
Improvements to downtown Newark include a municipal project which will develop 22 acres between Newark’s central business district and the Ironbound with housing, a three-acre park and a commercial center, linking the two neighborhoods by a pedestrian bridge over a highway.
Named for the rail tracks which surrounded the neighborhood at one time, the Ironbound section is approximately four square miles. It is part of Newark’s East Ward due east of Newark Penn Station and Downtown Newark.
Michael Salomon and Julie Gralla are both rising stars at Kislak. Mr. Salomon joined the firm in 2013 and since then has completed transactions value at more than $20 million. Ms. Gralla joined Kislak in 2011. In 2012, she won the firm’s Rookie of the Year award, and she has completed transactions valued at more than $65 million.
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 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.
For more information about The Kislak Company, Inc., please contact Jason Pucci, Chief Operating Officer, at (732) 750-3000 or firstname.lastname@example.org