Woodbridge, N.J. – The Kislak Company, Inc. announced the $22,200,000 million portfolio sale of 132 residential units and two stores in Bergen County, New Jersey to an investor with whom Kislak has completed many transactions, Novel Property Ventures.
Senior vice president Robert Squires marketed the portfolio consisting of six buildings – three in Palisades Park and three others in Cliffside Park, Leonia, and Ridgefield Park – on an exclusive basis for the seller, a family partnership who built and owned the properties for 60 years.
“Our marketing efforts included a number of tours and culminated in several strong offers following a competitive bid process,” said Squires. “Ultimately, we obtained the highest and best price for the sellers. Long term ownership typically equates to below market rents and consequently, to significant upside potential. Both parties were pleased with our results.”
“Bergen County is among the strongest markets in the Tri-State Area for multifamily properties,” said Robert Holland, president. “With a huge demand in New Jersey for well-located, well-maintained apartment buildings, these fully occupied, extremely well-maintained properties located about 5-6 miles from New York City presented an attractive investment for the purchaser. Rob Squires did an outstanding job orchestrating these sales in an extremely competitive environment.”
The Palisades Park locations at 55 and 57-61 Bergen Boulevard and 100 Broad Avenue house 16 one-bedroom, 24 two-bedroom, and 8 studio apartments with 2 stores at street level respectively. The Manor in Cliffside Park at 257 Grant Avenue, hosts 4 studio, 28 one-bedroom, and 1 two-bedroom units in its four story brick building. The two story brick building at 200-210 Broad Avenue in Leonia consists of 2 two-room, 11 three-room, and 2 three and a half room apartments amid a wooded landscape.
The largest of the six buildings is located at The Madison at 147 Main Street in Ridgefield Park, a six story brick building where balconies adorn some of the 10 two-bedroom and 26 one-bedroom residential units.
Robert 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 30 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 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.