S.V.Ps. Joni Sweetwood and Scott Davidovic Orchestrate Transactions
Woodbridge, N.J., December 7, 2018 — The Kislak Company, Inc. announced the recent sale and lease of the former South Mountain Tavern, a historic restaurant and tavern space in downtown South Orange, New Jersey.
The sale price for the property and a liquor license was $2,800,000. Terms of the related lease were not disclosed.
Kislak marketed the 10,000-square-foot property on an exclusive basis on behalf of the seller, 37 BBJN, LLC, with senior vice president Joni Sweetwood handling the assignment. Senior vice president Scott Davidovic represented the purchaser, B&D Holdings, LLC, a longtime Kislak client.
In order to facilitate the sale of the property, Ms. Sweetwood also procured The Fox & Falcon as a tenant for the restaurant and tavern space. The Fox & Falcon is the latest project of renowned restaurateur and South Orange resident David Massoni, featuring elevated American cuisine, an inviting and open atmosphere and artisanal cocktails.
The property is located in the heart of downtown South Orange across from the train station among many new and planned multifamily and mixed-used developments.
“Many years ago, this space was occupied by a well-known popular restaurant, The Stuft Shirt,” said Ms. Sweetwood. “After it closed, the property sat vacant for many years before reopening first as Ricalton’s Village Tavern and later as The South Mountain Tavern, which both closed. The size of the space was too large for most restaurants.”
Highlighting the dynamic chemistry of this transaction, Ms. Sweetwood added: “We found a very local restauranteur, Mr. Massoni, who operates renowned New York City eateries and the Talde, an Asian Fusion restaurant offering craft cocktails in Jersey City, to pair up with a local investor to operate the tavern. It recently reopened as The Fox & Falcon and will be transformative for South Orange.”
With seating for approximately 220 people, the restaurant houses three bars — two located on the second floor, and one on the first. There is also an office on the third floor.
Extensively renovated, the property’s interior and contents are new inclusive of HVAC, kitchen, equipment, furniture and fixtures with the previous owner operator having invested $1,000,000 as well into the exterior, including the roof.
Entry to the property is accessible from the South Orange Train Station next to it and from the busy Valley Road thoroughfare. The train offers direct access to New York City. Adjacent to a municipal parking lot and near to South Orange Performing Arts Center as well, the property is further positioned favorably for high visibility and traffic.
Ms. Sweetwood joined Kislak in 1996 and is one of the firm’s all-time leading salespeople. She has won numerous sales awards, including the Sima Kislak Jelin Salesperson of the Year award in 2010 and the firm’s production award multiple times since then and has been recognized repeatedly as one of New Jersey’s Commercial Brokerage All Stars and the Mid Atlantic Real Estate Journal’s Executive Women in Business.
Mr. Davidovic joined Kislak in 2006 and specializes in the sale of multifamily properties with a focus on land and development throughout northern New Jersey. After his first year with Kislak, he received the firm’s prestigious Rookie of the Year award and he is also a past recipient of the firm’s 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.