S.V.P Robert Squires, Sales Associate Michael Kossak and S.V.P. Jeff Squires Arrange Exclusive Sale of Four Properties with 69 Units
Woodbridge, N.J., December 20, 2019 – The Kislak Company, Inc. announced the recent sale of a four-property multifamily portfolio with a total of 69 units in Newark, New Jersey. The portfolio includes 12 units at 48 Millington Avenue, 16 units at 51 Summit Avenue, 20 units and a developable lot at 291 Wainwright Street and 21 units at 535 Hawthorne Avenue.
Kislak marketed the portfolio on an exclusive basis with senior vice president Robert Squires leading the assignment with the support of sales associate Michael Kossak. Senior vice president Jeff Squires procured the purchaser.
Robert Squires commented: “After we were engaged exclusively to sell the portfolio, we marketed the properties, conducted guided tours and led a competitive bid process in order to achieve the highest and best price for the seller.”
Mr. Kossak remarked: “There is a huge demand for well-maintained apartment buildings in northern New Jersey and these buildings, in a great rental market, offer a large upside in rents.”
The portfolio consists of four three-story brick apartment buildings with a variety of unit sizes all within close proximity of each other. The developable lot is currently used for parking and includes a cell tower lease pending municipal approval, thereby offering potential increased revenue.
They properties were 100% occupied at the time of the sale.
Located in a stable area of Newark on some streets that are lined with single-family homes and within easy walking distance of bus and train stations, the four buildings each occupy less than a half-acre of land and are well-kept by a shared maintenance staff. Nearby, residents can access several parks, cultural centers and educational institutions including Branch Brook Park, Newark Museum, Dreyfuss Planetarium, the University of Medicine and Dentistry of New Jersey, and Seton Hall and Kean Universities. New York City is 12 miles away. Robert Squires joined Kislak in 2003 and specializes in the sale of multifamily and other investment properties throughout New Jersey. Consistently among the firm’s leading producers, he received Kislak’s 2017 and 2016 Sima Kislak Jelin Salesperson of the Year award and its 2017 Producer of the Year award. Also in 2017, Squires earned the historic distinction of becoming Kislak’s all-time leading salesperson in any calendar year in the firm’s then 112-year history.
Jeff Squires joined Kislak in 2007 and specializes in the sale of multifamily and other investment properties throughout northern New Jersey. Consistently among Kislak’s leading salespeople, he received the firm’s 2008 Rookie of the Year award, 2012 Sima Kislak Jelin Salesperson of the Year award and 2014 and 2016 Producer of the Year award.
Michael Kossak joined Kislak in 2016 and is a rising star at the firm. He specializes in the sale of investment properties in Essex County, New Jersey.
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 30 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 2016 Power Broker by CoStar Group, Inc. and this was the firm’s eleventh consecutive recognition.