WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the $3,250,000 sale of a 25,783-square foot CVS-anchored shopping center located at 300-322 North Wood Avenue in Linden, Union County, New Jersey.
Vice president Jeff Squires represented both parties after marketing the property on an exclusive basis.
The historically significant property was family-owned since the 1940s and was previously occupied by Woolworths. CVS has occupied the anchor position for over 20 years. Other national tenants include Verizon Wireless and Rent-a-Center. Located on a heavily-trafficked downtown corner across from Linden City Hall, the property encompasses an entire city block and has rear on-site parking for 50 cars.
Linden is a vibrant city of more than 40,000 in southeastern Union County, approximately 13 miles from Manhattan.
“Union County remains a very strong submarket within northern New Jersey for investment properties” said Robert Holland, president. “There is great demand among investors for well-located and well-performing properties. Jeff did an outstanding job bringing this property to market and selling it.”
“This property has had a stable occupancy history given its prime location in busy downtown Linden,” said Squires. “The investment opportunity was very attractive to many regional retail investors. Our marketing efforts generated multiple competing bids and ultimately resulted in a sale to a purchaser on an all-cash basis.”
At the time of closing, the property was fully-occupied.
Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year award and was subsequently promoted to vice president in 2009, becoming one of the youngest salespeople in Kislak’s then 104-year history to earn the distinction. He was also the recipient of the company’s 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 Producer 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 110th year, Kislak was among a select group of firms recognized as a 2015 Power Broker by CoStar Group, Inc. and this was the firm’s tenth consecutive recognition.