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Kislak Sells Southern N.J. Multifamily & Commercial Properties for $23 Million
S.V.P. Matt Weilheimer Leads Sale of 313 Units and 50,400 S.F. Shopping Center
July 12, 2017
 

WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of three properties in southern New Jersey with a total of 313 residential units and 50,400 square feet of retail space for $23,050,000.

The separate transactions include the $12,150,000 off-market sale of Laura’s Glen Apartments, a 197-unit apartment complex in Pennsville, Salem County; the $6,750,000 sale of Penn Garden Apartments, a 116-unit apartment complex in Pennsauken, Camden County; and the $4,150,000 sale of Manahawkin Center, a 50,400 square foot ACME-anchored shopping center in Manahawkin, Ocean County.

Senior vice president Matt Weilheimer represented the seller in all three transactions and the purchaser in the Manahawkin transaction. Senior vice president Barry Waisbrod represented the purchaser of Laura’s Glen Apartments and vice president Jonathan Greenberg represented the purchaser of Penn Garden Apartments.

The sale of Laura’s Glen Apartments is the single largest sale of a multifamily property ever in Salem County, New Jersey based on data available from CoStar.

The property is a brick garden apartment complex with 10 two-story buildings situated on nearly 18 acres. It is located approximately 16 miles from Wilmington and 38 miles from Philadelphia. Complex amenities include laundry facilities, on-site parking, a swimming pool, basketball court and playground. The spacious apartments include central air conditioning, private balconies or patios and fully-equipped kitchens. Tenants are responsible for their own utilities. 

David Singer of Eastern Union Funding provided financing through Freddie Mac for the transaction.

“Laura’s Glen Apartment was a perfect addition to the purchaser’s portfolio,” said Weilheimer. “The demand for multifamily properties in southern New Jersey has never been greater.”

“The buyer believes strongly in the south Jersey market and has seen tremendous opportunity and upside in Laura’s Glen,” added Waisbrod. 

Penn Garden Apartments is a two-story, all brick, garden-style apartment complex with 116 units in 11 buildings. Property features include semi-private entrances, on-site parking, and on-site laundry. Units have spacious closets, modern appliances, individually controlled air conditioning and wall-to-wall carpeting.

The property is located 15 minutes from center city Philadelphia via the Betsy Ross Bridge. Nearby transportation includes major roadways 1-95, I-295 and Route 130 and the River Line Light Rail System provided by NJ Transit.

“Penn Gardens is the quintessential ‘value-add’ play that buyers are looking for in this market,” said Weilheimer.

Manahawkin Center is a 50,400 square foot community shopping center anchored by an ACME Supermarket and a Rite Aid Pharmacy. Other tenants include Peking Gardens, Big Apple Bakery, EZ Nails and Ares Athletic Club.  The property is well-located on East Bay Avenue, approximately five miles from resort communities on Long Beach Island.

“With national tenants such as Walgreens and ACME, the repositioning of the rest of the center with capital upgrades would fare well in this area,” said Weilheimer.

Weilheimer joined Kislak in 1996, is consistently among the firm’s leading salespeople and has won numerous sales production awards including the firm’s 2010 and 2015 Production awards.

Waisbrod joined Kislak in 2001 and is also consistently among the firm’s leading salespeople. He was the recipient of the firm’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award.

Greenberg joined Kislak in 1999 and is consistently among the firm’s leading producers.  He is a two-time past recipient of the firm’s Production Award and Salesperson of the Year award. 

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 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.  

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