WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of the Fairfield Corporate Center, a 110,105 square foot office complex in Fairfield Township, Essex County, New Jersey for $9,200,000.
Kislak marketed the property on an exclusive basis. Vice president Barry Waisbrod represented the seller and vice president Jonathan Greenberg represented the purchaser. Both parties are longtime Kislak clients.
“After owning the property for many years, the seller realized the time was right to sell given the strength of the market in northern New Jersey,” said Waisbrod.
“We had several interested purchasers and the seller ultimately proceeded with a client of ours who also owns a neighboring property,” said Greenberg. “And prior to closing, one of the largest tenants in the center vacated unexpectedly. We scrambled to find a replacement tenant and found one very quickly. The purchaser waited for the new lease to be signed and we closed. It was a true team effort.”
The Fairfield Corporate Center is a four building, single story, Class B office complex that contains an above-grade building area of 110,105 square feet and a measureable lease area of 106,512 square feet. The property is located on the north and south side of Kingsbridge Road, on the west side of Passaic Avenue in Fairfield Township, an affluent community of over 7,000 people located in the northwest corner of Essex County, approximately 25 miles from New York City.
Situated on nearly 11 acres, each building includes a tenant-accessible loading dock, fire suppression system and on-site parking for a total of over 500 cars.
At the time of closing, the property was approximately 95% occupied. The purchaser is planning extensive renovations including new roofs and landscaping.
Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople. He was the recipient of Kislak’s 2013 and 2015 Sima Kislak Jelin Salesperson of the Year award.
Greenberg joined Kislak in 1999 and is also consistently among the firm’s leading salespeople. He is a two-time past recipient of Kislak’s Producer of the Year award and Sima Kislak Jelin Salesperson 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.