S.V.P. Robert Squires and V.P. Andrew Scheinerman Arrange Exclusive Off-Market Sale
Woodbridge, N.J., December 12, 2018 — The Kislak Company, Inc. announced the recent $11,500,000 sale of 265 – 275 Beech Street, two multifamily properties with a total of 78 residential units in Hackensack, Bergen County, New Jersey.
Kislak was engaged on an exclusive basis to arrange an off-market sale with vice president Andrew Scheinerman handling the assignment on behalf of the seller, Prospect Avenue 1 LLC, a private investor. Senior vice president Robert Squires represented the purchaser, Stonegate, a regionally-based investment real estate owner, developer and longtime Kislak client.
The properties are neighboring brick, five-story buildings each with 37 one-bedroom apartments and two two-bedroom apartments, each with on-site parking. They are ideally located in the heart of Hackensack one block from Hackensack Meridian Health Center, within walking distance of an abundance of retail and commercial offerings, and close to Interstate 80. New York City is easy commute by car, train or bus.
“The seller engaged us to sell the property, which had been owned by the same family for many years, after we provided our opinion of value and demonstrated at which price we could sell it,” said Mr. Scheinerman.
“The offering presented a value-add opportunity for the purchaser who was eager to commence renovations in order to bring the units to market and increase rents.” Said Mr. Squires. “Influenced by current local market trends where there is low inventory and high barriers to entry, the purchaser paid an aggressively low cap rate given the upside potential with rents following renovations.”
At the time of closing, the properties were fully-occupied. Oritani Bank provided financing with Carmine Alampi, Esq. representing the seller and Marc Wohlgemuth, Esq. representing the purchaser.
Mr. Scheinerman joined Kislak in 2011 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. Scheinerman received Kislak’s 2011 Rookie of the Year award and was promoted to a vice president in 2017.
Mr. Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout New Jersey. Consistently among the firm’s leading producers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award. Also in 2017, Squires earned the historic distinction of becoming Kislak’s all-time leading salesperson in any calendar year in the firm’s 112-year history.
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.