WOODBRIDGE, N.J. — The Kislak Company, Inc. announced the recent sale of seven commercial properties in northern New Jersey with a total of 152 residential units, four retail spaces, a half-acre of land and a Motor Vehicle Commission inspection station. Sales associate Julie Gralla was instrumental in each transaction and worked in concert with several Kislak colleagues to complete them.
“Julie had an extraordinary year,” said Robert Holland, president. “The demand for multifamily and other investment properties is as strong as ever throughout New Jersey, and Julie did an amazing job getting properties for sale and procuring the right buyers for many of them.”
The separate transactions include the:
- $32,775,000 sale of The Gateway, a new luxury apartment building with 57 units and 9,000 square feet of Class A retail space in South Orange. Senior vice president Joni Sweetwood represented the seller and Gralla and Sweetwood together represented the purchaser.
With a per unit price well over $500,000, the sale of The Gateway exceeded the previous record for the highest sale price per unit for an apartment building in all of Essex County by more than $100,000 per unit according to data available from CoStar.
- $2,450,000 sale of 28 units and one retail space at on Verona Avenue in Newark. Sweetwood and Gralla together represented the seller and sales associate Michael Salomon represented the purchaser. The per-unit sale of nearly $85,000 was among the highest among recent sales in north Newark.
- $1,900,000 sale of a 41-unit property on Lincoln Avenue in Orange. Sweetwood represented the seller and Gralla represented the purchaser. The property is located less than one mile from the Mountain Avenue train station.
“The purchaser has an amazing ability to transform distressed or otherwise lackluster properties into luxury properties,” said Gralla. “I am excited for the future of this building.”
- $1,321,000 sale of two 7-unit apartment buildings on South Harrison Street and Elmwood Avenue in East Orange. Sweetwood and Gralla together represented the seller and Gralla represented the purchaser. The properties are located in one of the most desirable sections of East Orange and are surrounded by luxury high-rise buildings, conveniently located next to the Central Avenue business district, only a short walk to the Brick Church train station.
- $1,170,000 sale of a half-acre of land on which to build 19 units on Hillside Avenue in Metuchen. Gralla represented both parties. The property consists of four contiguous lots located directly off of Main Street, two blocks from the train station and less than two miles from Interstate 287, Route 1 and the New Jersey Turnpike.
- $1,041,458 sale of a 14,878 square foot New Jersey Motor Vehicle Commission inspection station on South Second Street in Plainfield. Gralla and vice president Jeff Squires together represented the seller and Gralla represented the purchaser.
The inspection station is a single-tenant triple-net property that had had been under long-time ownership. It is used by many residents in Plainfield and surrounding towns including Westfield and Scotch Plains. “Plainfield is extremely attractive for redevelopment and the property was sold to an active developer who sees long term potential with the property,” said Gralla. “In the meantime, the property is generating a fantastic return.”
- $705,000 sale of 12 apartments on Verona Avenue in Newark. Gralla represented both parties. Recent capital improvements the property include new individual hot water heaters, upgraded plumbing and electric, and new boiler.
Julie Gralla joined Kislak and is a rising star in the firm. In 2012, she won the Kislak’s Rookie of the Year award and since then 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 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.