V.P. Joseph Keenan Handles Sale of The Creamery

Woodbridge, N.J., September 25, 2018 – The Kislak Company, Inc. announced the recent sale of The Creamery, a mixed use property with 20 residential units and 5 commercial spaces at 16 Walling Avenue, Sussex, New Jersey for $2,250,000.

Kislak marketed the property on an exclusive basis and vice president Joseph Keenan represented both the purchaser, F.M.F. Investments LLC and seller, Creamery Apartments LLC, in the sale of the former creamery. Both parties are longtime Kislak clients.

The seller bought the property in a distressed state three years ago, after which he completed a full gut rehabilitation of the converted loft style apartments and commercial spaces. Once the renovations were completed, the seller engaged Kislak to market the property.

“The seller purchased the property in order to renovate and sell it,” said Mr. Keenan. “I am very pleased we were able to help him execute his plan. The property was beautifully renovated and will make a fine addition to the buyer’s growing portfolio in Sussex County.”

The property is a former creamery which was converted to mixed-use residential and commercial property in the late 1970s.  The spacious residential units consist of 7 studios, 12 one-bedroom units, and one two-bedroom unit, all with unique layouts in the three story brick building. Commercial tenants have excellent visibility along Route 23.

Interior upgrades boast new hallway carpeting, new hallway ceiling tiles, and new laundry facilities with exposed brick throughout the majority of common areas and apartments. Recent exterior upgrades include replacement of two roofs, new gutters for the entire building, new decking on the side of the building, and repaved and striped back and front parking lots and side driveway.  Abundant parking is available for all tenants and visitors.

A short drive from world class golfing and skiing in nearby Vernon Township, Sussex is host to many rivers, lakes, hiking trails and other outdoor activities, offering tenants an inviting recreational environment.

Financing for the sale of the fully occupied property was provided by Regal Bank.

Mr. Keenan joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received the firm’s Rookie of the Year award in 2008 and was promoted to a vice president in 2012.

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 jpucci@kislakrealty.com, or visit www.kislakrealty.com

 

 

Kislak Sells Mixed Use Property in Sussex, N.J. For $2.25 Million