E.V.P. Peter Wisniewski & V.P. Stephen Gianis Arrange Sale of 14,000 S.F. Building
Woodbridge, N.J., April 18, 2022 – Kislak Commercial Real Estate Services, Inc. announced the recent sale of a 14,000-square-foot industrial building at 154-162 Pine Street in Montclair, Essex County, New Jersey for $2,100,000.
Kislak marketed the property on an exclusive basis with executive vice president Peter Wisniewski and vice president Stephen Gianis managing the assignment on behalf of the seller, Improved Industrial Methods. Messrs. Wisniewski and Gianis also procured the purchaser, a joint venture between The Becker Organization and Greenwood Development. This was a first-time transaction for Kislak with the seller and purchaser in their exclusive representation of the property.
Mr. Wisniewski remarked: “154 Pine Street was a unique, older, industrial property with parking in a highly desirable, mixed-use section of Montclair. The property generated interest from a wide range of investors, owner-users, and developers with multiple offers considered. The tremendous activity generated around this property is reflective of the current state of the industrial market in New Jersey.”
“The Becker Organization and Greenwood Development were the perfect buyer for this property because of their years of experience in Montclair working on similar assets,” added Mr. Gianis.
The property consists of a 14,000-square-foot one-story, brick building with three loading, drive-in doors; 17-foot ceilings with dropped ceiling grids; fluorescent lighting; and approximately 5000 square feet of parking within a fenced, gated, paved lot adjoining the building.
Zoned C-2 for General Business and Light Manufacturing, the property’s permitted uses range from warehouse, wholesale distribution, commercial laundries, auto repairs, certain types of restaurants, and retail, and other uses, to new residential development including senior housing as per the R-4 three-story apartment zoning. Future plans for the property have not been disclosed. Located in the center of Montclair, the property is adjacent to a CVS Pharmacy-anchored strip centered, blocks away from Mountainside Hospital and downtown Montclair. It is also easily accessible to I-280, the Garden State Parkway, and the Bay Street and Walnut Street train stations.
Peter Wisniewski joined Kislak in 2015 and leads the firm’s commercial sales and leasing division. Throughout his career, Wisniewski has leased or sold more than eight million square feet of commercial space and well over 1,500 acres of land and is actively growing Kislak’s presence in the New Jersey commercial real estate market. He has received the Kislak Transactions award for closing the highest number of transactions in a single year for the last five consecutive years.
Stephen Gianis joined the firm in Kislak in 2016 and specializes in commercial sales and leasing in northern and central New Jersey. In 2017, Mr. Gianis received the Kislak’s prestigious Rookie of the Year award, which recognizes a newer salesperson who records the greatest achievements during the year.
Kislak Commercial Real Estate Services, Inc. with offices in Basking Ridge, New Jersey is the commercial sales and leasing affiliate of The Kislak Company, Inc., which is headquartered in Woodbridge, New Jersey, and 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 thirty-five professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, and Delaware.
Now in its 116th year, Kislak was among a select group of firms recognized as a 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.