Sales Associate Tom Scatuorchio Arranged Sales
Woodbridge, N.J., June 17, 2019 – The Kislak Company, Inc. announced the sale of four investment properties totaling $5,135,00 in Belleville and Bloomfield, in Essex County, New Jersey. The Belleville properties are located at 614-618 Mill Street and 253 Joralemon Street. The Bloomfield properties are located at 32 and 160 Bloomfield Avenue.
Sales associate Tom Scatuorchio represented all parties in all but one transaction. Senior vice president Matt Weilheimer partnered with Mr. Scatuorchio on the 160 Bloomfield Avenue sale.
The Mill Street property consists of three brick, two-story buildings housing 18 one-bedroom units with semi-private entrances, onsite laundry and parking. Some units have been recently renovated with proven rent increases and are ideally situated adjacent to schools, parks and the “Park 11 Belleville” mixed-use development complex and across from Clara Mass Medical Center. Manhattan is just 11 miles east and Newark Liberty International Airport just six miles away – all accessible within a half mile from NJ Transit Light Rail. The Garden State Parkway and New Jersey Turnpike are nearby.
Mr. Scatuorchio remarked, “This property sold for one of the highest per-unit prices in Belleville due to its excellent condition and proximity to the hospital and new development sites. Having renovated a portion of the units, the seller demonstrated the ability to raise rents in Belleville’s increasingly strong rental market.”
A mixed-use property on Joralemon Street boasts a prominent corner location consisting of a restaurant tenant occupying three retail units, one office tenant on the ground floor and four residential units on the second floor, all fully occupied. With no renovations needed and below market rents, the offering presented a value-add opportunity for purchaser, which used the property to complete a 1031 Exchange. Representing two individual sellers on these mixed-use properties as well as the purchaser, Scatuorchio remarked: “Both sellers recognized that this was an ideal time to market their investment properties given the low interest rates and locations in developing areas with strong rental markets.”
The property at 32 Bloomfield Avenue is on a prominent corner with high visibility and consists of 2,000 square feet of retail space and two 1,100-square-foot residential units. It is within two blocks of new retail and residential development sites, close to the Garden State Parkway, and within walking distance of public transit, bus stop and light rail station. Similarly, retail and residential rents are below market and presented a value-add opportunity for the purchaser.
The fourth property is located prominently on a heavily-trafficked corner at 160 Bloomfield Avenue and consists of one ground floor office and two spacious residential units with six, income-generating parking spaces, which presented another value-add opportunity.
Mr. Scatuorchio commented: “We represented the seller of this property, a former user who delivered the property vacant. We were engaged on an exclusive basis, marketed the property widely and sourced a local investor who plans to redevelop the property and bring it to 100% occupancy.” A conversion of the office space to a third residential unit is possible. Also adjacent to new retail and residential developments, the property is within one block of Grove Street rail station and bus stops.
Tom Scatuorchio joined Kislak in 2016, specializing in the sale of retail and multifamily investment properties in Morris and Essex counties. In 2017 he was awarded Kislak’s Rising Star award.
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 35 professionals provide comprehensive market coverage throughout New Jersey, New York, Pennsylvania and Delaware.
Now in its 113th year, Kislak was among a select group of firms recognized as a 2018 Power Broker by CoStar Group, Inc. and this was the firm’s thirteenth consecutive recognition.