Sales Associate Justin Lupo and S.V.P. Matt Weilheimer Arrange Off Market Sale
Woodbridge, N.J., July 30, 2018 – The Kislak Company, Inc. announced the $4,430,000 off-market sale of the Quail Creek Shopping Center, a 52,000-square-foot mixed shopping center with office space located at Ramtown-Greenville Road and Newton’s Corner Road in Howell, Monmouth County, New Jersey.
Sales associate Justin Lupo represented the seller, Parker Partners LLC, and senior vice president Matt Weilheimer, represented the purchaser, 630 Grove Street LLC.
Commenting on the current market trend and on the interest of 630 Grove Street LLC, a long-time owner over 20 years, Mr. Lupo remarked: “The sale of Quail Creek represents the continued demand for investment properties of all asset classes in today’s market.” Mr. Weilheimer commented, “The purchaser needed to complete an I.R.C Section 1031 Exchange for which Kislak was able to assist in identifying a property.” Both Mr. Lupo and Mr. Weilheimer added, “We moved quickly to closing in order to satisfy the exchange.”
The commercial property is a strip mall consisting of the original center with approximately 44,000-square-feet and an adjacent addition of approximately 7,800-square-feet within a two story, fully sprinklered building equipped with a state-of-the-art HVAC system. An atrium leads to office suites on the second floor which can also be accessed by two elevators. Offices have nine-foot ceilings.
At 65% occupancy, the shopping center is comprised of a mix of restaurants, medical offices and service-oriented tenants with ample parking. The property is located less than a mile from Garden State Parkway exit 91 and within a half mile of Route 195 exit 31A, within close proximity to New Jersey shore towns, Philadelphia and Wilmington, Delaware.
Future plans for the property include upgrading the spaces and leasing the remaining retail and office suites.
Mr. Lupo joined Kislak in 2014, was the recipient of the firm’s 2015 Rookie of the Year award and is one of its rising stars with recent investment sales totaling $200 million. He specializes in the sale of multifamily and other investment properties in central New Jersey and eastern Pennsylvania.
Mr. Weilheimer joined Kislak in 1996 and is consistently among the firm’s leading salespeople. He specializes in the sale of apartment buildings, REO assets and other investment properties in New Jersey, New York, Delaware and Pennsylvania. Mr. Weilheimer has won numerous sales production awards including the firm’s 2010 and 2015 Production awards.
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 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.
For more information about The Kislak Company, Inc., please contact Jason Pucci, Chief Operating Officer, at (732) 750-3000 or email@example.com, or visit www.kislakrealty.com