S.V.P. Joseph Keenan Leading Assignment for 101-Unit Multifamily Property with 12,000 S.F. of Medical Space
Woodbridge, N.J., July 26, 2024 – The Kislak Company, Inc. was recently named the exclusive sales broker for Cobbler Lofts, a 101-unit multifamily property with 12,000 square feet of medical space at 69-75 Sparta Avenue in Newton, Sussex County, New Jersey.
Kislak’s exclusive assignment is being led by senior vice president Joseph Keenan who previously arranged the sale of the property to the seller.
Cobbler Lofts is a historic four-story elevator building. It was a once a shoe factory that was converted into an apartment building. The well-maintained and recently renovated property is centrally located near Newton’s downtown. Residents benefit from the property’s strategic location across from the world headquarters of ThorLabs and a short distance from many area amenities including shopping, dining, and a wide array of outdoor activities.
Mr. Keenan commented, “With the strength of the multifamily market in northern New Jersey, the continued growth in the local population and employment, the anticipated 2026 completion of NJ Transit’s passenger railroad station in neighboring Andover Township; and recent renovations that cater to a more upscale tenant base, Cobbler Lofts is well positioned to attract discerning value-add investors given the opportunity to increase rents through additional unit upgrades.”
Recent upgrades to the property include the complete renovation of 84 apartments, two hallways, and the lobby; installation of new roofs with solar panels over the residential and medical buildings; new elevator mechanicals; and the replacement of 100 P-Tech units and 20 water heaters.
Newton is the county seat of Sussex County located approximately 60 miles northwest of New York City.
For more information about the portfolio, please contact Joseph Keenan at jkeenan@kislakrealty.com or (908) 797-5236.
Joseph Keenan joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. He received the firm’s Rookie of the Year award in 2008 and was promoted to a senior vice president in 2019. Mr. Keenan’s investment sales total more than $300 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 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware, and Florida.
Now in its 118th year, Kislak was among a select group of firms recognized as a 2023 Power Broker by CoStar Group, Inc. and this was the firm’s 18th consecutive recognition. Kislak was also named by NJBIZ as a 2024 Leader in Real Estate, Construction and Design and this was the firm’s third recent recognition.
