WOODBRIDGE, N.J. — The Kislak Company, Inc., the dominant investment real estate sales firm in the tri-state region announced the recent sale of two multifamily properties and a mixed-use commercial property in Monmouth County, New Jersey for a total of $27,450,000.
The separate transactions include the $17,650,000 sale of Royal Pines at Marlboro, a 90-unit luxury multifamily property in Marlboro; the $7,850,000 sale of Matawan Village, a 72-unit multifamily property in Matawan; and the $1,950,000 sale of Corlies Plaza, a 17,148 square foot mixed-use office and warehouse in Neptune.
Kislak marketed all of the properties on an exclusive basis and vice president Daniel Lanni represented all parties in the transactions.
“The market for multifamily properties remains very strong throughout Monmouth County and we are having a busy year in this submarket,” said Robert Holland, president. “Led by Dan’s hard work and keen sense of the market, these multifamily sales are our fourth and fifth such sales in the county this year totaling approximately $50,000,000.”
The sale of Royal Pines at Marlboro also represents the largest sale of a multifamily property in Monmouth County, New Jersey in terms of price since 2012 based on data available from CoStar. Kislak held the previous record with the $10,300,000 sale earlier in 2014 of Bradley Beach Village, a 42-unit building with five retail spaces in Bradley Beach, which Lanni also handled.
Royal Pines at Marlboro is a 90-unit luxury apartment complex located on Route 9 in Marlboro. Constructed in 2009, the property is a class “A” active adult community with spacious one- and two-bedroom apartments. Lavish amenities include granite flooring and countertops, private balconies or patios, a fitness center and transportation services. Marlboro has been recognized as considered one of the top 10 safest places to live in New Jersey and one of the top 100 places to live in the country.
“Royal Pines is a stunning multifamily property and the only one of its kind in Monmouth and Ocean Counties,” said Lanni. “The buyers quickly recognized this as their offer was submitted only hours after their initial tour. The management teams and on-site personnel were an absolute pleasure to work with and extremely helpful throughout the entire transaction.”
The seller was represented by Jonathan Heilbrunn, Esq. and the purchaser was represented by Steven Uffner, Esq. Financing was provided by Capital One Bank. At the time of closing, the property was 97% occupied.
Matawan Village Apartments is a 72-unit all brick garden-style apartment complex located on Cross Road and Morristown Road in Matawan. Set on nearly five acres, the well-maintained and well-landscaped property includes semi-private entrances, on-site laundry facilities and on-site parking. The property is located in near the Garden State Parkway and the Matawan Train Station.
“We received 15 strong offers within one week of marketing the property and shortly thereafter assisted the seller with the selection of the eventual purchaser who submitted the highest and best offer,” said Lanni.
The seller was represented by Charles Epstein Esq. and the purchaser was represented by David Wigfield, Esq. Financing was provided by Kearney Federal Bank. At the time of closing, the property was 90% occupied.
Corlies Plaza is a 17,148 square foot mixed-use office and warehouse property with on-site parking located on Corlies Avenue in Neptune. The multi-tenanted property includes a spacious first floor with office and garage combinations that offer ample room for warehouse storage and office space, and offices with private entrances on the second floor. The property is located on Route 33 with excellent visibility minutes from Jersey Shore Medical Center and the Garden State Parkway.
“The seller engaged us on an exclusive basis to market and sell the property,” said Lanni. “It is our second closing this year with the same purchaser and seller.”
The seller was represented by Richard Kwasny, Esq. and the purchaser was represented by Jason Mandia, Esq. Financing was provided by Amboy Bank. At the time of closing, the property was approximately 90% occupied.
Mr. Lanni joined Kislak in 2010 and specializes in the sale of multifamily and other investment properties throughout Monmouth and Ocean Counties. He was the recipient of the company’s 2011 Rookie of the Year Award and was promoted to a vice president in 2014.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is recognized as the dominant investment sales company 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 seventh consecutive recognition.