S.V.P. Don Baxter Leads Team Effort in Sale of Six Buildings
Woodbridge, N.J., May 18, 2022 – The Kislak Company, Inc. announced the recent sale of six multifamily and mixed-use properties in northern New Jersey for $5,545,000. The properties are located in Essex, Hudson, and Sussex counties and include 22 residential units and more than 17,000 square feet of commercial space.
Senior vice president Don Baxter was involved in each of the following transactions and represented the seller and/or purchaser.
A nine-unit multifamily property at 347 Park Avenue in Orange, Essex County sold for $1,500,000. Kislak marketed the property on an exclusive basis with Mr. Baxter managing the assignment, and he also procured the purchaser. The property includes large three- and four-bedroom units in a four-story, brick building in a location convenient to commuter transportation.
A mixed-use multifamily and retail property at 7300 Broadway in North Bergen, Hudson County sold for $1,200,000. Kislak marketed the property on an exclusive basis with sales associate Max Levinston handling the assignment, and Mr. Baxter procured the purchaser. The property includes two spacious and recently renovated apartments, three retail spaces and two billboards and is located in an Urban Enterprise Zone.
Spring Plaza, which consists of an 8,360-square-foot retail property occupied by Rite Aid and a neighboring vacant 9,000-square-foot commercial building with redevelopment potential sold for $1,040,000. The properties are located at 237 Spring Street and 4 Union Place, respectively, in Newton, Sussex County, directly across from Newton Town Center within walking distance of the Newton Theater, Newton Square and the Sussex County Courthouse. Kislak marketed the property on an exclusive basis with Mr. Baxter managing the assignment, and vice president Davis Briones procured the purchaser.
A five-unit multifamily property at 174 Highwood Avenue in Weehawken, Hudson County sold for $995,000. Mr. Baxter arranged the off-market sale. The property includes five large, renovated apartments in a convenient location.
A six-unit multifamily property at 136 East 9th Street in Passaic, Passaic County sold for $810,000. Kislak marketed the property on an exclusive basis with Mr. Baxter managing the assignment, and vice president Michael Kossak procured the purchaser. The property includes six apartments in a quiet residential neighborhood near commuter transportation.
Mr. Baxter commented on the transactions, “Sellers are taking advantage of a ‘perfect storm’ with these recent sales – a climate tempered by a lack of inventory coupled with relatively low interest rates. Investors who waited during the pandemic have cash to place in safe investments such as these. Conversely, those who purchased during the pandemic have assets that have already appreciated.”
Don Baxter joined Kislak in 2006 and specializes in the sale of multifamily and other investment properties throughout New Jersey with emphasis on Hudson County where is among the area’s top producers. In 2007, he received Kislak’s Rookie of the Year Award, and in 2008 and 2009, he received the company’s Sima Kislak Jelin Salesperson of the Year Award.
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 thirty-five 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 2021 Power Broker by CoStar Group, Inc. and this was the firm’s 16th consecutive recognition.