WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region, announced the recent $10,000,000 sale of an 80,053 square foot, eight-property mixed-use portfolio in East Brunswick and Highland Park, NJ. Co-managing director Jeffrey Wiener represented the seller and vice president Barry Waisbrod represented the purchaser. Chief operating officer Jason Pucci, Esq., provided transaction management and support.
The properties are known as the Raritan Portfolio and consist of a 13,240 square foot retail center located at 210 State Route 18 in East Brunswick and the following properties in Highland Park: a 24,000 square foot retail and office building located at 75 Raritan Avenue; a 17,000 square foot medical office building located at 85 Raritan Avenue; a 23,313 assemblage of four contiguous buildings with retail space and three apartments located at the corner of Raritan Avenue and North 4th Avenue; and a 2,400 square foot office building located at 1018 Raritan Avenue.
Forty-six tenants occupy the properties in the portfolio.
All properties are in desirable and growing Middlesex County in central New Jersey. From the 2000 to the 2010 U.S. Census, the county’s population increased 8% and surpassed Essex County to become the second-most populous county in the state. In 2009, the Bureau of Economic Analysis ranked the county as having the 143rd-highest per capita income of all 3,113 counties in the United States (and the 10th-highest in New Jersey).
“Kislak was engaged on an exclusive basis by the long-time owners to market and sell the portfolio,” said Wiener. “We generated a great deal of interest among investors given the properties’ excellent locations in downtown Highland Park and on the heavily-trafficked Route 18 retail corridor in East Brunswick, and the portfolio’s strong occupancy at or near 100%.”
“The purchaser is a local business owner and investor with an appreciation for the strong local markets,” said Waisbrod. “Highland Park has a vibrant downtown, which is only minutes from Rutgers University. The East Brunswick property is ideally located on Route 18 immediately before an entrance to the New Jersey Turnpike.”
“Our engagement spanned several years primarily because of an environmental remediation that was required at one of the properties,” said Pucci. “In fact, our exclusive listing agreement was renewed nine times. All parties worked tirelessly throughout the transaction to ensure a successful closing.”
Financing was provided by Amboy Bank. The seller was represented by Scott Herzog, Esq. of Fort Lee, NJ and the purchaser was represented by William Winters, Esq. of East Brunswick, NJ. At the time of closing, the portfolio was 96% occupied.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, NJ, is recognized as the dominant investment sales firm serving the multifamily and retail markets. 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 25 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 108th year, Kislak was among a select group of firms recognized as a 2013 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s eighth consecutive recognition.