WOODBRIDGE, N.J. - The Kislak Company, Inc. announced the recent sale of Presidents' Square Mall located at 125 Washington Avenue, Dumont, New Jersey for $5,025,000. The retail center includes 24,645 square feet in a highly desirable location in Bergen County. Vice president Janet Bortz represented both parties in the transaction.
The two-story all brick building includes high ceilings, an elevator and both retail and office spaces. It is situated on a heavily traveled corner of Washington and Madison Avenue and offers on-site parking.
The seller engaged Kislak on an exclusive basis to market and sell the property. The buyer was interested in acquiring a retail property to diversify his portfolio of primarily multifamily and office properties. Since the buyer was also doing a Section 1031 like-kind exchange, careful planning went into the identification of possible properties.
"Bergen County is a very desirable retail market with population density and upscale demographics. Having strong tenants such as Hackensack Hospital, Kessler, Allstate, and Dunkin’ Donuts with long-term leases and strong rents made the property attractive. This stable and well managed property was a good fit for the exchange buyer," said Bortz.
The property was 97 percent occupied at closing. Financing was handled through Provident Bank.
Janet Bortz joined Kislak in 2002 and specializes in the sale of investment properties including multifamily, retail, office and industrial assets throughout the Hudson Valley and northern New Jersey. Her understanding of investment real estate transactions, important local market trends, employment, demographics, regulations and area competition has earned her a reputation as a valued and relied-upon resource. Bortz’s recent sales total more than $50,000,000 and include over 500 multifamily units in New York and New Jersey.
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 109th year, Kislak was among a select group of firms recognized as a 2014 Power Broker by CoStar Group, Inc. for multifamily sales transactions in northern New Jersey and this was the firm’s ninth consecutive recognition.