S.V.P. Barry Waisbrod Arranges Sale
Woodbridge, N.J., December 18, 2018 – The Kislak Company, Inc. announced the recent $14,250,000 sale of an office building with 132,272 gross square-feet at 106 Apple Street in Tinton Falls, Monmouth County, New Jersey.
Kislak marketed the property on an exclusive basis on behalf of the seller, Reidhass L.P., a longtime client, with senior vice president Barry Waisbrod handling the assignment. Mr. Waisbrod also procured the purchaser, Apple Street Holdings LLC, a New York City-based investor.
The multi-tenanted office building consists of two attached structures on a 10.4-acre site. One side includes a three-story building with 67,272-square-feet built in 1971. The other side includes a two-story building with 65,000-square-feet built in 1986. Together, the attached structures total 132,272-square feet. The gross leasable area is 124,671-square-feet.
Mr. Waisbrod remarked: “The purchaser believes strongly in the central New Jersey market for multi-tenanted office space and this building’s close proximity to the Garden State Parkway and major metro areas made it very attractive.”
At the time of closing, the building was approximately 89% occupied.
Both structures have appealing features inclusive of many windows allowing for abundant natural light, newly renovated restrooms, newly carpeted and painted common areas, large, beautiful lobbies, a brand new fitness center, over 550 parking spaces and an outdoor seating area. Other amenities include on-site management, janitorial services, major mailing and delivery service drop boxes, and multiple sources of high speed internet connectivity.
With easy access to major highways, the buildings are situated on the eastern side of Monmouth County, just off Exit 109 on the Garden State Parkway within 30 minutes’ drive of Newark-Liberty International Airport and approximately one hour from New York City and Philadelphia.
Tinton Falls is an expanding market with a growing population located in the heart of Monmouth County, which is home to state-of-the-art communication and utility networks making it a prime choice for large corporations, innovative startups, tourism, entertainment and retail businesses. It was recently selected out of 300 national metropolitan areas by Money Magazine as the “Third Best Place to Live.”
Mr. Waisbrod joined Kislak in 2001 and is consistently among the firm’s leading salespeople. He specializes in the sale of investment properties in and around New Jersey. Mr. Waisbrod was the recipient of the firm’s 2013 and 2015 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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 112th year, Kislak was among a select group of firms recognized as a 2017 Power Broker by CoStar Group, Inc. and this was the firm’s twelfth consecutive recognition.