Woodbridge, N.J., October 6, 2021 – The Kislak Company, Inc. announced the recent completion of a two-property I.R.C. Section 1031 exchange in New Jersey and Florida for a total of $22,575,000.
In the first transaction, Kislak arranged the off-market sale of a multifamily property in central New Jersey for $11,000,000 with senior vice president Justin Lupo and chief operating officer Jason Pucci handling the assignment on behalf of both parties, longtime clients. Messrs. Lupo and Pucci subsequently represented the seller of the New Jersey multifamily property in its $11,575,000 acquisition of a Wawa food market and gas station, which is under construction at 7878 N.W. 103rd Street in Hialeah Gardens, Miami-Dade County, Florida.
Terms of the New Jersey sale were not disclosed.
The Florida property includes a triple net ground lease with Wawa with an initial 20-year term, multiple renewal options and future rent increases. The property is just west of the Palmetto Expressway/State Road 826 near Miami.
“These sales were excellent opportunities for our clients,” said Mr. Pucci. “The seller of the New Jersey property exchanged a long held older apartment complex into a well-located NNN Wawa, which is a strong tenant, with zero landlord responsibilities. The purchaser of the New Jersey property added a value-add property to its growing portfolio of properties in the Northeast and Mid-Atlantic.”
Mr. Lupo joined Kislak in 2014 and specializes in the sale of multifamily and other investment properties in central New Jersey and eastern Pennsylvania. Following his first year with the firm, he received its Rookie of the Year award. In 2018 and 2020, he received the firm’s Sima Kislak Jelin Salesperson of the Year award and in 2019 received the firm’s Producer of the Year award. Mr. Lupo’s investment sales total more than $450 million.
Mr. Pucci joined Kislak in 2006 and is responsible for the management of the firm’s operations, business activities and growth initiatives including achievement of its financial and operational objectives. Since joining Kislak, the firm has closed more than 1,700 transactions valued at $7 billion with Mr. Pucci personally closing more than 70 transactions valued at over $700 million.
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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania, Delaware, and Florida through an affiliate.
Now in its 115th year, Kislak was among a select group of firms recognized as a 2020 Power Broker by CoStar Group, Inc. and this was the firm’s 15th consecutive recognition.