C.O.O. Jason Pucci & S.V.P. Justin Lupo Represent Purchaser in I.R.C. § 1031 Exchange
WOODBRIDGE, N.J., October 28, 2021 – The Kislak Company, Inc. announced the recent sale of a new triple net Wawa food market and gas station under construction at 1462 South Avenue (Route 28) in Plainfield, Union County, New Jersey, for $8,800,000.
Chief operating officer Jason Pucci and senior vice president Justin Lupo represented the purchaser and longtime client, The Kamson Corporation. The seller was not disclosed.
The property includes 5,051 square feet of newly constructed retail space on 1.71 acres and a triple net ground lease with Wawa that includes an initial 20-year term, multiple renewal options and future rent increases. Opening is schedule for early 2022.
“This purchase was an excellent opportunity for Kamson,” said Mr. Pucci. “This transaction marked the partial completion of an I.R.C. Section 1031 Exchange from an older apartment complex into a well-located NNN Wawa, which is a strong tenant, with zero landlord responsibilities.”
Plainfield is a densely populated suburb serving the New York metropolitan area and is also the commercial center for the surrounding towns. The Wawa property is strategically located at the intersection of South Avenue and Terrill Road in the northeast section of the city. Plainfield is approxmate25 miles from lower Manhattan.
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.
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.
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.