Strong Sales and Leasing Activity in 6 States
WOODBRIDGE, N.J., January 13, 2022 – The Kislak Company, Inc. and Kislak Commercial Real Estate Services, Inc. reported record investment sales and commercial sales and leasing activity throughout 2021 closing 242 transactions in New Jersey, Pennsylvania, New York, Delaware, Florida, and Ohio.
Kislak’s total transaction volume exceeded $1,000,000,000 and included the sale of more than 6,000 residential units and 600,000 square feet of office, retail and industrial properties and the leasing of 110,000 square feet of office, retail, and industrial space.
“Throughout 2021, our listing activity and sales were extremely strong with a record number of closings, more than one every other day,” said Robert Holland, president. “The multifamily market remains robust throughout the U.S. with demand far exceeding supply. I expect this trend to continue as multifamily along with certain industrial properties remain the preferred asset classes nationwide, and we are experiencing strong growth in the New Jersey and Pennsylvania commercial markets with increased demand from investors and users.”
“We are experiencing unprecedented growth in our core Northeast and Mid-Atlantic markets,” said Jason Pucci, chief operating officer. “On a year-over-year basis, our closed transaction count is up 70% and our sales volume has nearly doubled despite low inventory in certain submarkets and recent interest rate fluctuations, which impact our sales. Our team is doing an incredible job despite the challenges we all continue to face.”
Peter Wisniewski, executive vice president of Kislak’s commercial team, added, “Leasing and sales activity of warehouses and commercial properties continues to be very strong. In fact, we are seeing more adaptive reuses of older properties, build-to-suit leases, and land acquisitions by users for development with little available, modern product in the market right now. The outflow from New York City and other urban markets continue to the suburbs”
Notable investment sales transactions completed in 2021 include the:
- $35,000,000 sale of a 350-unit property with land for development in central N.J.;
- $24,200,000 sale of a 156-unit multifamily portfolio in Bergen County, N.J;
- $22,750,000 I.R.C. Section 1031 exchange of a multifamily property in central New Jersey for a NNN ground lease in south Florida;
- $22,580,000 sale of Merriam Gateway Apartments, a 101-unit multifamily property with 10,000 square feet of commercial space, in Newton, N.J.; and the
- $20,500,000 sale of Sunnyfield Garden Apartments, a 120-unit multifamily property in Linden, N.J.
Notable commercial leasing and sale transactions completed in 2021 include the:
- $3,900,000 sale of a 44,300-square-foot warehouse/manufacturing facility in Readington, N.J.;
- $3,400,000 sale of a 15,250-square-foot shopping center in Clinton, N.J.;
- $2,120,000 investment sale of a Goodyear Tire Center in Edison, N.J.;
- $2,000,000 sale of a 15,670-square-foot contractor’s flex/office park on 7 acres in Flemington, N.J;
- $1,035,000 sale of a 7,350-square-foot prime downtown retail store in Bloomfield, N.J.;
- 36,000-square-foot long term warehouse lease for an office furniture company in Branchburg, N.J.; and the
- 10,000-square-foot long term industrial lease for a packaging manufacturer in Branchburg, N.J.
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, and Delaware.
Now in its 116th 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.