WOODBRIDGE, N.J. – The Kislak Company, Inc. announced the recent sale of two office buildings as part of an Internal Revenue Code Section 1031 like-kind exchange for a longtime client.
The transactions included the $12,500,000 sale of the Coining building, a single-story 60,000 square foot Class A office building and high-tech manufacturing facility located at 15 Mercedes Drive in Montvale, Bergen County, New Jersey; and the $20,000,000 sale of Island View Crossing, a 180,000 square foot Class A office building located at 1414 Radcliffe Street in Bristol, Bucks County, Pennsylvania.
“We are helping more and more investors acquire office properties,” said Robert Holland, president. “Leasing activity has been strengthening and vacancies have been decreasing, and investors are taking advantage of opportunities to add stable and well-performing office properties to their portfolios. Initial returns and upside potential with these properties are often greater than those with multifamily or industrial properties of similar quality in similar locations.”
The Coining building is fully leased to Coining, Inc., the world’s largest solder preform manufacturer, and it is owned by AMETEK, Inc. (NYSE: AME). Kislak marketed the property on an exclusive basis. Senior vice president Barry Waisbrod represented the seller, a longtime client, and vice president Janet Bortz represented the purchaser, a local investor.
“The Montvale seller is a longtime client and wanted to exchange it into a larger multi-tenanted property,” said Waisbrod. “We were successful in helping to close both transactions for him.”
“The fully-renovated property had a single tenant with a long-term NNN lease that included regular increases,” said Bortz. “The property condition, tenant’s financial strength and ease of management were all reasons our client purchased the property. He owns other single tenant office properties in the tristate area and this was a good fit for his portfolio.”
“Once we made the Montvale deal, we worked very hard to identify the right exchange property for our client,” added Waisbrod. “We ultimately identified Island View Crossing, a strong and stable off-market opportunity with upside potential in an excellent Bucks County location. The seller had purchased it from a bank two years ago and stabilized it.”
Island View Crossing is a large three-story building situated along the Delaware River. Tenants include Lenox Corporation, Staples, Inc. (NASDAQ: SPLS) and Strategic Distribution Inc. The property was redeveloped from an industrial building to a Class A office in 2004. At the time of closing, the property was approximately 93% occupied.
Waisbrod joined Kislak in 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.
Bortz joined Kislak in 2002 and specializes in the sale of investment properties including multifamily, retail, office and industrial assets throughout the Hudson Valley in New York and northern New Jersey.
About The Kislak Company, Inc.
The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, is a leading commercial real estate brokerage firm 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 111th 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.